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September 05, 2007 at 11:19 AM
An increasing number of seniors may be thinking about using use their homes to finance their retirement.
Only 25% of seniors ages 62 to 75 now say it is “very likely” or “somewhat likely” that they will pass their homes on to heirs, down from 42% in 2006, according to Financial Freedom, a subsidiary of IndyMac Bank F.S.B., Irvine, Cal., that sells reverse mortgages.
About 12% of survey participants said they already plan to sell their home to fund their retirement, and 38% said they would sell for that purpose if they had limited financial choices. Another 13% said they would use a reverse mortgage or other arrangement to use a portion of their home equity.
The researchers also asked about specific strategies for paying for retirement.
About 33% of the survey participants said they work part-time, and 4% said they would work full-time.
