That number is staggering, but not surprising. I just met yesterday with a perspective reverse mortgage customer that has a paid off home and has enough money from social security coming in every month to pay all her bills, but nothing more. She is considering the reverse mortgage as a hedge against the rising cost of living expenses, and from the sound of the survey, she is not the only one nervous about this.
So how can the reverse mortgage ease your mind on these troubling economic issues? Well as I explained to my customer yesterday, the adjustable rate reverse mortgage allows you to have a monthly payment sent to you for life from the proceeds of a reverse mortgage. My customer qualifies for a large lump sum, but she does not need that much, just a few hundred dollars more a month will really allow her more flexibility, so that is the option she is most considering.
If you or anyone else you know is worried about the cost of living rising, especially if you are over 62 and on a fixed income, you should really consider the reverse mortgage. This program can be set up to pay off any debts you have and then any additional money you qualify for can be sent monthly to you to help supplement your retirement. To see if you qualify, try our reverse mortgage calculator.
Here are some additional statistics found from the AARP survey:
- 50% of baby boomers don't think they will ever be able to retire
- 59% say the current economy will make them rely on social security and Medicare more
- 62% say they are the most concerned about health expenses
- 73% said not having financial security in retirement causes anxiety
- 71% are concerned about paying too much in taxes
- 30% say they regularly worry about keeping up with their mortgage payment
- 72% of non retired boomers believe they will have to delay retirement