Age in Place

A May 2022 survey from AAG, the leading Reverse Mortgage lender in the country (think Tom Selleck commercials) found,

• “Roughly three in four adult children want their parents to age in the comfort of their own home. 74% of Gen X adult children said they would prefer to see their parents live their later years in their own home rather than at an assisted living facility. *
   
  *Reverse mortgage borrowers must continue to pay taxes, insurance, maintain the home and otherwise comply with loan terms.
• Over half of Gen X adult children in the US would not have the money to care for their senior parents if a situation required their help. 55% of adult children said they are not financially prepared to care for their parents in a time of need.
• 44% of adult children are not emotionally prepared to care for their parents during their later years.
• Half of Gen X adult children in the U.S. do not know how much debt their parents have amassed. 50% of adult children said they are not aware of how much debt their parents currently have.
• Over half of Gen X adult children believe that their parents' home equity could be a financial solution. 60% of adult children said they are in favor of their parents using their home equity to fund their later years.
• Over three-fourths of parents have never spoken to their Gen X children about using their home equity to fund retirement. 76% of adult children said they have never discussed, with their parents, utilizing home equity to fund their retirement years.”

My ask is to speak with adult children about the pros and cons of a Reverse Mortgage for their parents’ retirement.

Link to Article