October 6, 2022

Art & Lifestyle:

Free Civil Legal Help at Lex Park Library -

Thursday, September 1, 2022

Telehealth Booth Opens at Lex Park Library -

Monday, August 29, 2022

Black Civil War Soldiers Exhibit Makes Stop in Lex Park -

Thursday, August 25, 2022

Time for ‘The Big Conversation’ -

Wednesday, August 24, 2022

Reverse Mortgages Good Fit for Baby Boomers

reverse mortgages

Baby Boomers are proving more comfortable moving into retirement holding mortgages on their homes than some previous generations have been. One result is a growing interest in Reverse Mortgages, says Robbie Loker of Primary Residential Mortgage Southern Maryland in California, MD, a Boomer herself.

The change in how homeowners view their property and debt reflects a growing awareness of the family home as not only shelter, but a significant financial instrument and a permanent asset in Baby Boomers’ portfolios. And Baby Boomers are homeowners, 69 percent of them, according to the US Census. And a majority of those home-owning Boomers in and approaching retitrement plan to stay in that home and leave it to their children or estate.

According to America Financing, 64 percent of 60- to 70-year-old homeowners plan to remain in their current home. An even larger majority, 71 percent, would rather renovate their home to accommodate a health issue impacting their mobility and comfort than move.

Homeowners 62 and older are finding Reverse Mortgages allowing them to do just that, says Ms. Loker, who is among the contingent of mortgage lenders specializing in Reverse Mortgages as more and more of the Baby Boomer generation – those born between 1946 and 1964 – move into their retirement years.

Refinancing has been a familiar tool for renovation, although most typically homeowners report they have used refinancing to lower an interest rate or monthly payment. The transaction can include taking some cash out of the proceeds, while that is the primary purpose of a Reverse Mortgage.

A Reverse Mortgage is a home loan that uses some of the equity in a home and turns it into cash. Instead of the borrower paying the lender, the lender makes tax-free payments to the homeowner. The homeowner receives the cash, maintains ownership of their home, and no longer makes mortgage payments.

Caught in a quick video interview in early spring 2018, Ms. Loker (video below), offers a variety of ways Reverse Mortgages can provide the type of renovations aging homeowners may require, and can also provide a  wealth of additional options for homeowners 62 and older.


There are no restrictions on how the cash is used. Ms. Loker has a client who has used their Reverse Mortgage cash to purchase a second home and found renting one or the other of her two homes provided her with additional income. Ms. Loker confesses here that she keeps this woman’s appreciative voicemail to play when she wants to have “a good day.”

Ultimately, reverse mortgages present a viable option to help eligible individuals with limited income use the accumulated wealth in their homes to cover basic monthly living expenses, ensuring that their savings will last longer into retirement. As she suggests in the video here, give Robbie Loker a call to learn more about how a Reverse Mortgage can help homeowners age in place.

Primary Residential Mortgage is located at 23131 Three Notch Road, Suite 201, California, MD  20619; 301-737-0001.

Leave A Comment