SURVEY RESULTS
The Reverse Mortgage Times conducted a survey of the reasons seniors take out Reverse Mortgages. The findings of this study are reported below.
Released: March 15, 2006
REVERSE MORTGAGE
Proceeds Usage Survey Report
The data is based on analysis of the responses collected from December 1, 2005 through March 1, 2006 via a web based survey form. Data from the survey form was compiled and analyzed electronically. Responses were anonymous, however, respondents were assigned a control number (randomly generated) to control for submissions by those who are not paralegals.
FINDINGS (data)
29% |
Pay off bills |
14% |
Purchase long-term care/life insurance |
14% |
Extra monthly income for everyday living expenses |
13% |
Home repair or remodeling |
10% |
Healthcare Costs/Medical expenses/Prescription Drugs |
6% |
In-Home care |
6% |
Financial/Estate Tax Planning |
4% |
Lifestyle Enhancement/Travel/New Car |
2% |
Help family with education |
2% |
Help family purchase a home |
|
The Reverse Mortgage Times is constantly researching the market to find those companies who have a solid track record of reliability, commitment and dedication. We verify Reverse Mortgage lenders are properly licensed, approved by the Department of Urban Development, and strictly adheres to the NRMLA Code of Ethics.
We encourage you to take advantage of our research and allow us to recommend a qualified Reverse Mortgage lender who has passed our high standards examination. This is a FREE PUBLC SERVICE The Reverse Mortgage Times.
