Older Americans overwhelmingly say they’d prefer to live the rest of their lives in their own homes but most fear they won’t have enough money to afford the lifestyle they’d want. Reverse mortgages, which allow homeown-ers over the age of 62 to borrow against the equity in their home without a monthly mortgage payment, are among the strategies available to seniors concerned about their financial situation. And according to a recent survey of seniors and their adult children, 43 percent of respondents, when asked to rate their level of satisfaction on a 10-point scale, gave their reverse mortgage the highest possible rating and an additional 32 percent rated their mortgage between a six and nine. More than half of the survey’s participants said they’d definitely recommend a reverse mortgage to a family member or friend.
