More People Turn To Reverse Mortgages

8/01/2009

posted by N. Sioris

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With the economy in crisis, more people than ever before are feeling insecure about retirement. Whether you are all ready retired or thinking about retirement, there is a lot of insecurity surrounding this topic. AARP released a report called, "Retirement Security or Insecurity? The Experience of Workers Aged 45 and Older."

As people live longer and fewer corporations offer defined benefit plans it has become more challenging than ever to prepare adequately for retirement. Combining those two realities with the fact that most retirement nest eggs are tied to the stock market, and you have more than enough insecurity to go around. Below is a chart taken from the AARP Retirement report that illustrates how the current economy has affected Americans in or approaching retirement.

"During the past 12 months, workers at least 45 years old report many ways that recent changes in the economy have affected them or their family. As seen in Figure 1, over half (56%) have found it more difficult to pay for such basic items as food, gas, and medicine, while slightly fewer helped a family member pay bills (47%) and found it more difficult to pay for utilities such as heating and cooling, or phone service (45%.)"




Some people are choosing to get a reverse mortgage to help out with shortfalls in the areas mentioned in the AARP survey. Possibly you are someone that might be able to financially benefit if you get a reverse mortgage. Feel free to contact us if you want to find out if this solution could be right for your situation.