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April 15, 2008 at 08:00 PM
As current and future retirees look for more ways to finance a comfortable retirement, reverse mortgages are gaining more time in the spotlight. No less a Hollywood icon than James Garner can be seen on TV speaking out in favor of reverse mortgages. Despite the original Bret Maverick’s endorsement and advertising from a host of companies, the federally insured loans have failed to gain a wide audience … yet.
Research from the Fidelity Research Institute shows that only one in eight current retirees has considered using home equity as a retirement financing vehicle. Nearly 80 percent say they have no plans to do so. But, among those who have yet to retire, only 59 percent say they are confident they won’t have to tap into home equity in retirement. As reverse mortgages gain more exposure and the baby boomers retire in larger numbers, reverse mortgages may become a more prevalent strategy.
