With Social Security suffering and most 401K’s and IRA’s down in value, Baby Boomers will need to find alternative ways to fund retirement if they are going to maintain their standard of living in their Golden Years. According to a recent study, 61% of households in the U.S. are “at risk” of not being able to maintain their standard of living in retirement. Fortunately, home equity is still a major asset that is available to seniors to fund their retirement.
With so many misconceptions about reverse mortgages, it is important to do some background research before getting involved with this financial loan. Those interested in learning more about this unique loan for older adults should watch the AARP webcast ?Reverse Mortgage: Rescue or Trap??. The AARP webcast is balanced and informative, and informs viewers of the benefits and risks of a reverse mortgage.