“Experts: Home equity is key to solving the country’s looming retirement crisis,” by Jessica Guerin, HousingWire
“As Baby Boomers continue to retire en masse without sufficient savings to support their later years, it’s become glaringly apparent that the country is on the brink of a retirement crisis. Pensions have dwindled, Social Security is insufficient, health care costs are rising and people are living longer than ever before, carrying little resources with them into retirement. But many older Americans do have one major source of wealth at their disposal: their house. And for some, utilizing their home equity could be the answer to their late-in-life money problems. That’s why some experts are insisting that reverse mortgages – which allow older homeowners to access their home equity and remain in their homes – are an important public policy that must be preserved for future generations.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Like LTCI, reverse mortgages have to fight negative, often unfair publicity constantly.