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Why Reverse Mortgage

Reverse mortgages came into the market as a way to help retirees who have a low monthly income. This group is not small. According to the Social Security Administration, 2014 ended with over 72 million retirees! However, what is more startling than this high number is the amount of pre-retirees who feel ill prepared for retirement.

Over a number of various studies, it can be found that pre-retirees are feeling stressed about payments they have and if they can even afford to retire. Studies have found that a majority of pre-retirees do not believe they have the financial means to prepare for retirement. In addition, a majority of pre-retirees have some sort of debt. Again, a majority of pre-retirees do not believe they started saving for retirement early enough.

Some things that could explain these overwhelming statistics are the economy crisis, paying for children needs, or even divorce. No matter the case, this is a huge problem that needs to be addressed. While younger generations may be able to learn from these studies and start planning earlier, some are too close to get exactly where they would like to be. A reverse mortgage could potentially be the answer to help those who need additional support during retirement.

 

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