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clipped from rismedia.com
When asked the question, “What prompted you to obtain a reverse mortgage loan?” the responses were

– Budget too tight - 19% – Need more liquid assets on hand - 16% – Home repairs and maintenance - 15% – Provide care for dependents, pay medical bills - 8% – Pay property taxes and homeowner’s insurance - 7.23% – Falling behind on monthly payments - 6.25%

The survey was conducted in January by Consumer Credit Counseling Service of Greater Atlanta, Inc., a credit counseling agency that provides reverse mortgage counseling. The homeowners average 74 years old and have lived in their homes an average of 18.5 years. The average purchase price of their homes was $95,554 and the respondents said that the current value of their homes was approximately $221,997.

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