Results from a recent Kiplinger poll revealed that 31% of respondents under 50 said they would consider a reverse mortgage, according to a Reverse Mortgage Daily report. The striking difference is only 10% of those over 50 said that they would consider a reverse mortgage.
"The figures compare with a historically low penetration rate among Americans eligible for reverse mortgages; estimated at lower than 2% in recent years versus a much higher proportion of the population with the home equity available to qualify," according to RMD.
"Health care costs remain a key concern for those surveyed, with 39% reporting they are somewhat confident that they have saved or will save enough to retire comfortably and 22% stating they are worried about high health care costs in retirement and 16% concerned they will run out of money altogether."
The Kiplinger survey also shows that younger Americans are actively preparing for retirement at a higher number than those over 50, according to the report. Younger Americans readiness for retirement could prove to be a good sign for the reverse mortgage community in the future.
To learn more about the Kiplinger survey, click on the image above.