Reverse Mortgage Providers Market Size, Regional Status and Prospect 2023 | Strategic Investment Plans, Business Opportunities, SWOT Analysis, Regional Growth Challenges upto 2031
Reverse Mortgage Providers Market
In a word, a reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit. Unlike a forward mortgage—the type used to buy a home—a reverse mortgage doesn’t require the homeowner to make any loan payments.Instead, the entire loan balance becomes due and payable when the borrower dies, moves away permanently or sells the home. Federal regulations require lenders to structure the transaction so the loan amount doesn’t exceed the home’s value and the borrower or borrower’s estate won’t be held responsible for paying the difference if the loan balance does become larger than the home’s value. One way this could happen is through a drop in the home’s market value; another is if the borrower lives a long time。The Reverse Mortgage Providers industry can be broken down into several segments, Home Equity Conversion Mortgages (HECMs), Single-purpose Reverse Mortgages, etc.Across the world, the major players cover American Advisors Group (AAG), Finance of America Reverse (FAR), Reverse Mortgage Funding (RMF), etc.This report focuses on global and United States Reverse Mortgage Providers market, also covers the segmentation data of other regions in regional level and county level.Due to the COVID-19 pandemic, the global Reverse Mortgage Providers market size is estimated to be worth USD 1738.9 million in 2022 and is forecast to a readjusted size of USD 2425 million by 2028 with a CAGR of 5.7% during the review period. Reverse Mortgage are mainly classified into the following types: HECMs, Single-purpose Reverse Mortgages and Proprietary Reverse Mortgages. HECMs is the most widely used type which accounted for about 62% of the Global market in 2019.Reverse Mortgage are most widely used in Debt, which took up about 36% of the Global market in 2019. Health Care Related is another widely used area, which took up approximately 24%. North America is the largest region of Reverse Mortgage Providers market with a share of 54%. The Europe market took up about 28 % of the global market, while The Asia-Pacific were over 10 %.Reverse Mortgage Providers market is segmented by region (country), players, by Type and by Application. Players, stakeholders, and other participants in the global Reverse Mortgage Providers market will be able to gain the upper hand as they use the report as a powerful resource.
Major players covered in Reverse Mortgage Providers Market are:
- American Advisors Group (AAG)
- Finance of America Reverse (FAR)
- Reverse Mortgage Funding (RMF)
- Liberty Home Equity Solutions (Ocwen)
- One Reverse Mortgage (Quicken Loans)
- Mutual of Omaha Mortgage
- HighTechLending
- Fairway Independent Mortgage Corporation
- Open Mortgage
- Longbridge Financial
Market Segment by Type:
- Home Equity Conversion Mortgages (HECMs)
- Single-purpose Reverse Mortgages
- Proprietary Reverse Mortgages
Market Segment by Application:
- Debt
- Health Care Related
- Renovations
- Income Supplement
- Living Expenses
Make sure your business is up to date on valuable findings in the Reverse Mortgage Providers market by reading the report.
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