A recent National Reverse Mortgage Lenders Association (NRMLA) survey shows the importance Americans place on staying in their homes into old age. About 80% of people—including those with and without reverse mortgages—say they would like to stay in their houses, and an even greater number of adults with living parents wish for the same long-term ability to remain in their homes.
Recent data from the Society of Actuaries shows that home equity is a major source of retirement income for many. While often retirees intend to sell their homes in order to use their home equity toward retirement, reverse mortgages have become an increasingly hot topic based on the fact that a vast majority of people wish to remain in their homes.
The following bar charts show the response the NRMAL survey gathered when it asked respondents about their response to the statement: I would like to stay in my house for the rest of my life (with adults with living parents answering about the preferences of their parents):
Source: National Reverse Mortgage Lenders Association
Written by Elizabeth Ecker