In October of 2010, the National Reverse Mortgage Lenders Association (NRMLA) surveyed 600 seniors with reverse mortgages across the nation. These seniors shared some of the views that led them to pursue a reverse mortgage. Here are some interesting reverse mortgage facts.
- 43% of seniors still live in the house in which they raised their children.
- 83% of seniors would describe the state of the U.S. Economy as not so good or poor.
- 37% of seniors are concerned that the U.S. economy is headed for tougher times in the next year or so.
- 81% of seniors would like to stay in the home in which they are currently living for the rest of their lives.
- 40% of seniors believe they are worse off financially than they were 5 years ago.
- 52% of seniors worry they will not have enough money in the future to lead the kind of life they would want.
- 33% of seniors have seen job losses in their immediate families.
- 35% of seniors believe they need supplemental income to cover their monthly expenses.
- 60% of seniors feel that the financial pressures faced by many young Americans these days is much worse than what past generations face, and young Americans are likely to be the first generation to live less well than the generations that preceded them.
- 43% of seniors worry about the financial responsibility of their children’s generation.
Seniors who have reverse mortgages were surveyed on their thoughts on the product:
- 48% of seniors would have to leave their home if they did not have a reverse mortgage.
- 52% of seniors would definitely recommend a reverse mortgage to family and friends.
- 48% of seniors cited financial difficulties as the primary reason for obtaining a reverse mortgage.
- 90% of seniors with reverse mortgages felt no pressure to proceed with a reverse mortgage.
- 56% of seniors with a reverse mortgage would not be able to cover monthly expenses without it.
- 89% of seniors did not feel they had been misled or given false information about the financial product.
- 40% of seniors with a reverse mortgage involved their children in the decision to obtain one.
- 64% of seniors had children who were supportive of their decision to obtain a reverse mortgage.
Based on these results from the 2010 NRMLA survey, it is clear that reverse mortgages fulfill a growing need that seniors across the nation are facing every day. Seniors with reverse mortgages are able to live in a financially independent manner without leaving their home or depending on their children. To learn more about how a reverse mortgage can help you do the same, call American Advisors Group at 1-888-998-3147 and talk to a reverse mortgage professional today.