Reverse mortgages for Aging in Place

With 6 million people today who are over 85 years old that will grow to over 20 millions in the next twenty years, reverse mortgages will become a legitimate device to provide capital to help meet daily expenses.  Studies have shown that Americans are going to be Aging in Place.   So for the duration of their retirement years housing options and services are going to have to adapt to meet those needs.
Most people don't realize that a mere 5% of older American will live in nursing homes or assisted living communities therefor there will be a strong push for services that allow people to remain in their homes.
Families need to understand the benefits of the reverse mortgage to help family members age in place and help the senior understand the pros and cons of the program.  Most children have no interest in inheriting their childhood home.  So saving it for the children is no longer valid.
Unfortunately, many people are not comfortable with the products.  There has been some financial abuses having to do with the housing downturn.  The industry is going to have to learn to present it as a user-friendly, prudent and responsible way to proceed.
Some considerations in helping people age in place is to have the home modified, make adaptations to existing homes, new home construction,  products and services.
So while only 5% of Americans will live in a nursing home or assisted living facility we as a society need to educate and help people learn about utilizing their home as an asset  to age in place.  The home remains in the borrowers name and will always pass to the heirs in the end.
www.reversemortgagesspecialist.com
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