Aging Americans will need all of the financial help they can muster and reverse mortgages could be a vital resource for many, especially when considering that over the next 20 years, nearly 40% of adults age 62 and older will have financial assets of $25,000 or less; and 20% of those age 62 and older will have $5,000 or less, according to the Task Force.
These statistics present a “stark reality” of what the future holds for millions of seniors, said Vin Weber, former U.S. representative and Task Force co-chair.
“Seniors’ inadequate savings, their long-term care needs, and the costs of home modifications, call for new strategies to address the home and health needs of individuals as they age,” Weber said in a written statement.
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