Retirement confidence gaps widen for homeowners approaching 65
“People are concerned about shortfalls in their retirement financial plan and their ability to mitigate longevity risk and to absorb any unexpected shocks, whether it be home repairs, home modifications, or unexpected medical bills,” he said.
Irwin also noted that nearly 40% of home equity line of credit (HELOC) applicants over 65 are being rejected, directing more older homeowners toward alternatives.
“People are looking to monetize that equity,” he told Mortgage Professional America.
“And the alternative for those people may be, in the right circumstances, for the right people, a reverse mortgage product.”
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