Homeowners’ concerns about the economy remain high and they are more apprehensive about their ability to pay for certain costs when compared to last year, yet many aren’t looking to their housing wealth to help pay for expenses.
The Home Equity Punch List, an annual survey from FAR, found a lack of knowledge about financial products like reverse mortgages that could offer potential solutions. 47 million older households – or more than three in four seniors – do not have the financial resources to cover long-term care services or another financial shock, it’s clear a solution is needed and tapping into home equity could help some older homeowners.
In fact, seniors age 62+ have more than $12 trillion in combined home equity – providing an opportunity to allay the financial challenges they are most concerned about.
To learn more about how home equity can help you in retirement, click here or speak with your mortgage professional.
