In light of unsure economic times surrounding the current COVID-19 pandemic, many are rethinking their retirement plans.
As it becomes more challenging to save for retirement and manage investment risks in today’s volatile stock market, many Americans are giving reverse mortgages a second look as a viable option to supplement retirement income and solve for shortfalls in their retirement nest eggs.
In the past, reverse mortgages were typically a last resort, however that’s no longer the case. Financial advisors are now seeing more retirees interested in using home equity for financial flexibility, with applications for some reverse mortgages up 50% in the first quarter compared to the same period last year.