When People Learn the Truth about Reverse Mortgages They are Often Surprised
The reverse mortgage program may hold the record as the financial product about which there is the greatest number of myths and misconceptions. If you were to ask 100 senior homeowners what they think about reverse mortgages, the overwhelming majority of them would tell you that it is unlikely that they would ever want to have a reverse mortgage.
One ironic truth about reverse mortgages, according to an AARP survey of 1500 seniors who had obtained a reverse mortgage, is that reverse mortgages may be more practical than most realize. The following is how those 1500 seniors responded to the AARP survey:
- 95% reported that a reverse mortgage partially to fully met their financial needs
- 93% reported that their reverse mortgage had a positive effect on their life
- 94% reported a greater peace of mind
- 89% described having a more comfortable lifestyle
- 87% answered that they had a better quality of life