Is the Reverse Mortgage the right solution for me? There are a growing number of people in their 50s and 60s who desperately want or need to continue working in order to pay for retirement, and they are starting to worry that they may be discarded from the work force, forever. This is according to an article by the New York Times.
“Of the 14.9 million unemployed, more than 2.2 million are 55 or older. Nearly half of them have been unemployed six months or longer, according to the Labor Department. The unemployment rate in the group — 7.3 percent — is at a record, more than double what it was at the beginning of the latest recession,” from Reverse Mortgage Daily.
So while the problems of the so-called “past recession” persist, and retirement and property values have dwindled, people in their 50s and 60s are left wondering what options they have. Also keep in mind that this is the largest sector of our population, the Baby Boomers. A lot of them are looking to the Reverse Mortgage as a way to supplement their retirement, but will that be enough? I don’t think so. We are living longer and longer, and social security is drying up. This is a very bad and deep conundrum.
According to a Gallup poll in April, more than a third of people not yet retired plan to work beyond age 65, compared with just 12 percent in 1995. So how big will the Reverse Mortgage be in the future? I think it will be HUGE!
-Source of the graphs and a couple of quotes; Reverse Mortgage Daily