Adult children are stepping up in a big way when it comes to helping their parents navigate the reverse mortgage process. According to a recent report, originators have seen an increase in engagement from borrowers' children, according to Reverse Mortgage Daily.
"Laurie MacNaughton, a reverse mortgage specialist with Atlantic Coast Mortgage in the Washington, D.C. area, says more adult children are picking up the phone and making the initial inquiry about the loan," according to RMD.
"It has always been true to some extent, but now it’s really noticeable. Over the past year or so about 30% of my initial contact with a family has come through adult children of aging parents."
With economical constraints in their own households, it is becoming harder for children to support their parents, while supporting their own children, as the report points out.
That is where reverse mortgages stand out as a possible solution to the problem. While doing research for viable options, an adult child would then inquire about reverse mortgages and how they work to see if it would fit their parents' situation.
"Along with a shift in generational mindset, originators credit the increase to their more expansive marketing plans, where reverse mortgages become part of an even larger retirement conversation," according to RMD.
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