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Is a Reverse Mortgage the Right Choice for You?— AARP Bulletin

A tale of two reverse mortgage borrowers who had two very different outcomes.

AARP: 76% of Older Adults Want to Age in Place

While the preference to remain at home remains high for older adults, the intensity of that feeling has dropped over the past decade. In 2010, 74% of adults 50 and over said they strongly desired to remain at home; in 2018, that figure fell to 55%. The overall desire to age in place — which includes people who said they “somewhat agree” — dropped from 86% at the start of the decade to 76% this year.

In order to remain at home, half of all adults said they were interested in joining a “village” in their area and are willing to pay for the services it provides. These “villages” typically take the form of community-based non-profits that provide members access to educational, social, and wellness activities. Other “village” services include volunteer drivers to help seniors stay active as they age, as well as referrals to approved local service providers.

Why This AARP Columnist Changed Her Mind on Reverse Mortgages

JBQ: First, I hope it will help alleviate worries, because if you really don’t know how to parcel out your money in a reasonable way, you’re always going to be afraid you will run out.

My hope with this book is you can figure out what a reasonable lifestyle is—I call that “right-sizing” your life, which is matching your expected income to your expected expenses and seeing how much of your savings you can withdraw every month or every year.

There are two things with this book. The first is the financial part, which is the bedrock on which a comfortable retirement is built. The other is the emotional part.

Let’s say you’re a teacher, lawyer or reporter and then suddenly you don’t have a paycheck anymore. So you not only have to figure out the financial part, but you also have to figure out the emotional part—going from a working person to an engaged private citizen retired. That is something I look ahead for myself. How do you make that transition?