http://reversemortgagedaily.com/2007/07/17/only-2-of-baby-boomers-are-using-reverse-mortgages/ Reverse Mortgage News and Information Fri, 10 Feb 2012 19:11:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://reversemortgagedaily.com/2007/07/17/only-2-of-baby-boomers-are-using-reverse-mortgages/comment-page-1/#comment-2445 John Brodey Thu, 29 Nov 2007 01:42:18 +0000 http://reversemortgagedaily.com/2007/07/17/only-2-of-baby-boomers-are-using-reverse-mortgages/#comment-2445 There is no question that education is still the key. Awareness is indeed up but recent research discussed at this month's NRMLA convention said that this 70%, is roughly divided into thirds. One-third, favorable, one-third neutral and one-third unfavorable. It remains to be seen what the penetration rate among boomers is going to look like. The existing senior statistic is 2%, but the boomers have barely started becoming eligible. Financial planners point to a fairly large percentage (I have heard as high as 80%) of boomers who will not have sufficient savings/investments etc. to sustain their lifestyle in retirement. Increasing credit card debt among seniors is also becoming a concern. It all points to home equity becoming that population bubble's 401K. There is no question that education is still the key. Awareness is indeed up but recent research discussed at this month’s NRMLA convention said that this 70%, is roughly divided into thirds. One-third, favorable, one-third neutral and one-third unfavorable.
It remains to be seen what the penetration rate among boomers is going to look like. The existing senior statistic is 2%, but the boomers have barely started becoming eligible. Financial planners point to a fairly large percentage (I have heard as high as 80%) of boomers who will not have sufficient savings/investments etc. to sustain their lifestyle in retirement. Increasing credit card debt among seniors is also becoming a concern. It all points to home equity becoming that population bubble’s 401K.

]]>