More than 2% of seniors seeking information related to housing want to learn more about reverse mortgages, new data show.
In 2014, seniors nationwide made more than 271,200 requests for assistance from the Eldercare Locator, a referral service providing information about care resources available in communities around the country.
Of general inquiries, 15% of seniors are seeking information about housing. Of that 15%, 2.1% are seeking information about reverse mortgages, according to the 2014 Eldercare Locator Data Report: A Snapshot of Older Adult Issues & Needs in America.
The average caller is age 60 or older, is a first-time caller and— while the organization was originally conceived as a service for caregivers—over 70% of those contacting the center are reaching out on their own behalf.
“The third highest-ranked reason for contacting the locator was difficulty finding affordable and accessible housing,” the report said. “[A] caller may be exploring housing options, but when questioned further, it is learned that they need to move because they can’t afford the home modifications that would enable them to stay in their home.”
Of those wanting to learn more about home improvements, 51.3% expressed a need for home repairs, 42% asked about home modifications and 6.7% wanted to learn more about financial assistance.
“A combination of factors—living on a fixed income and changing accessibility needs which may require modifying an existing home or finding a new one—present significant challenges for older adults,” the report said.
Access the report here.
Written by Cassandra Dowell