When researching what our Oregon Seniors can expect with retirement, I found out that a record low of only 13% of responding seniors (in an Employee Benefit Research Institute survey) said they are very confident that they have enough money to live comfortably in retirement. Because retirement assets may continue to dissipate and entitlement programs may dwindle, many financial analysts view reverse mortgages as one tool to buoy finances.
When baby boomers are in their 70’s they may have to look to their houses for needed income support. Statistically speaking, at that time pensions may be gone and people will have to create their own income stream. It’s important to make sure you don’t outlive your assets; it’s not about stock market returns, but about how you are going to get a paycheck for the rest of your life.
For those better off baby boomers, reverse mortgages can be viewed more as a financial safety net, but, with time, experts believe the product’s popularity will continue to rise. For many of our senior citizens in financial difficulty, an Oregon Reverse Mortgage may be the only way out.
In the next 10 or 15 years Oregon Reverse Mortgages will be as common as the standard forward mortgages. Two of the biggest assets for retirees are homes and retirement accounts and once the retirement account is spent, an Oregon senior is only left with the home. Many seniors will have to access this equity to continue their income stream and possibly could not qualify if trying for a forward mortgage due to income or credit. Neither of these are a problem with an Oregon Reverse Mortgage.
In deciding whether to advise an Oregon Senior on a reverse mortgage, it’s critical to know their desire to stay in their home, whether they are in danger of depleting his/her assets, or might be facing a catastrophic event. That is why all of our Oregon Reverse Mortgage applications are one-on-one with our clients so that we can determine how best to help them.
If you have questions about a Reverse Mortgage we will not pressure you to take one out, but it may be in your best interest to check out one now, rather than later. Please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?