Harvard/AARP Report: Reverse Mortgages Can Help Seniors

Reverse Mortgage News from Lou Romney :

small__2672565317Harvard University & AARP recently released the results of a new study showing the DIRE need for Baby Boomers to consider a Reverse Mortgage.  The study also shows that Boomers are THE hardest hit by the recession and declining real estate values and are entering their retirement years will less savings that ANY other generation before them !

According to the article (the link is below), we have the highest number of people going into their retirement years and still carrying a mortgage on their home.   The study also points out that in 2010,  70% of those going into their retirement years still have a mortgage & monthly payments compared to only 19% in 1992 (more than triple)!  Boomers have lost approximately 32% of their wealth since the recession began!

We have a big problem,” said Henry Cisneros, former Secretary of the Department of Housing and Urban Development.

Moving forward, it’s not a pretty picture”  says Chris Herbert, acting managing director with the Harvard Joint Center for Housing Studies.

To add to the problem, many people are outliving their retirement savings.

Many, many people CAN be helped by using a Reverse Mortgage, even if a married couple has a spouse that is not yet 62 years old.   I welcome your calls to discuss with you if a Reverse Mortgage will help you.  I can be reached at (203) 874-3883.

Follow this link to view the full Harvard/AARP study.

Please call Lou Romney at (203) 874-3883 for questions about Reverse Mortgages in Connecticut, Massachusetts or Rhode Island.

Lou Romney
NMLS  #14119
(203) 874-3883
Continental Funding  NMLS # 2723
Headquarters: 7 Cabot Place
Stoughton, MA 02072


Photo credit: Rennett Stowe via photopin cc

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