What many people have now — house, lifestyle, neighborhood, friends, church, club — is exactly what they’d like to keep.
Unfortunately many older folks simply don’t know how or where to look to find the funds that would allow them to maintain the status quo. The immediate need for seniors now is supplementing the income to provide the standard of living they desire.
In the past, the typical reverse mortgage was taken out by a single woman, age 75, who needed funds to fix up her home so she could comfortably age in place. Reverse mortgages now are also being used to support a more well-to-do routine.