Reverse Mortgages Can Be A Retiree's Saving Grace
According to the Employee Benefit Research Institute (EBRI), Americans are vastly unprepared for retirement to the tune of roughly $4.13 trillion. EBRI projects that the retirement savings shortfall would be much worse if Social Security benefits are reduced or fully eliminated. This should not be a major surprise because for roughly two-thirds of Americans, Social Security benefits will supply more than 50% of their retirement income. Social Security is far and away the largest retirement income asset of the average American.
Hopkins, Jamie Patrick, "Reverse Mortgages Can Be A Retiree's Saving Grace" (2015). Faculty Publications. 265.