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There is a growing theory that the majority of working middle class retirees will reverse mortgage their homes in retirement in order to supplement their cost o
by hardcandy 10y ago
There is a growing theory that the majority of working middle class retirees will reverse mortgage their homes in retirement in order to supplement their cost of living (and pay inflated nursing home, health care, and end of life costs), leaving their kids with much less than expected inheritance. This would also exacerbate the inequality gap as wealthier families would have no need to go into debt and would rather continue to accumulate assets. Watch for Wall Street and associated marketing channels to put out financial products that make it ''stupid simple'' to qualify for and execute on a reverse mortgage as the start of this trend.
- FilterSweep 10y agoThey will also live 10+ more years than projected government estimates, further exhausting Social Security and other benefit programs. It's been well acknowledged in the financial planning world that many will run out of their nest egg halfway through retirement, and die in debt.
- maxerickson 10y agoEasy reverse mortgages are already advertised on TV.