Why are Reverse Mortgages Popular Amongst Baby Boomers

Reverse Mortgages continue to grow in Popularity. The Baby Boomers are all retiring and they have an immense amount of wealth tied up in their home. Home values are at all time highs. The baby boomers are retiring at a rapid pace today. It is said that 10,000 baby boomers are turning 65 each day. This is the largest group of retirees ever in the United States. In addition there is over $8.05 in Senior Home Equity. What does that mean? It means there is a large sum of money available in housing equity that can be used by seniors to support and improve their retirement certainty and cash flow.

Various Options

More and more retirees are becoming more educated on the various options for reverse mortgages and financial planners are now incorporating reverse mortgages into the financial plans they create for their clients.

Let’s face it, retirement can be challenging. There is a lot to plan for and retirees are living longer and longer. It is not uncommon to see people living well into the 90s or longer.

40% of baby boomers

Inflation in the price of goods and services requires retirees to make their dollar stretch further and further and the monthly income just does not keep up with the increased cost of goods and services.

Retirement statistics can be scary. 40% of baby boomers have nothing saved for retirement, 36% rely solely on social security, 74% state they work even though they are considered “retired” and 97% have no plan for the long term, yet 60% will require long term care at some point in their lives. With all these considerations and challenges we find most of our clients find an improvement in their cash flow which could exceed $200,000.

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