Many people in Delaware paying more than they have to for their home mortgage, according to a report from Black Knight Financial Services. The report looked at data from May 2015 and found that 6.5 million mortgage borrowers could qualify for lower mortgage payments after refinancing or using other methods. Black Knight researchers looked specifically at borrower and mortgage data from 30-year fixed-rate loans to arrive at their conclusions.
Reverse mortgages offer a number of potential benefits for homeowners. Some wealth managers claim that by allowing senior citizens to generate supplementary income, these loans may be able to supplant traditional investment alternatives, like home equity lines of credit. One research director at Boston College even said that along with downsizing, reverse mortgages could be viable options for households where Social Security benefits and 401(k) plans fail to provide sufficient income.