Two or three decades ago, the idea that an elderly couple or individual could live comfortably in their home far beyond retirement was practically unheard of. Preparing for aging meant retirement homes, assisted living, or moving in with adult children. Now today people are living longer and healthier lives than ever, but on the flip-side, they are retiring with less. The Pew Research Center has found that between 2002 and 2011, the percent of adults who said that they “will not have enough money to live comfortably” in retirement rose from 32% to 53%. Among adults in the 55 to 64 age bracket, the percent who are “not too” or “not at all” confident that they will have enough to live on in retirement rose from 26% in 2009 to 39% in 2012. These are alarming statistics.
Continue reading “Are Reverse Mortgages an Under-Utilized Lifeline?”
