Older Homeowners Know Little About Home Equity Products
Summary
In this gap, FAR sees an opportunity for both consumers and financial advisors to learn about the stabilizing impact of housing wealth for 55+ homeowners and for senior lending experts to play a role in the retirement planning conversation. FAR President Kristen Sieffert said these findings illustrate a prime opportunity to lean further into FAR’s education first approach to home equity and using reverse mortgage as part of a holistic retirement strategy. Seiffert added, "The survey results validate what FAR has long believed and evangelized through our partnership with the Financial Planning Association and our consumer marketing efforts — that an overwhelming majority of older Americans are not considering home equity in their approach to retirement but many should. This is why it is crucial that we continue to illustrate how they can check off more items on their punch list, including securing their golden years, by incorporating this asset into their retirement strategy. With such a broad offering, we are proud to be able to walk alongside our customers and provide strategic guidance about the ways to utilize their home equity at every step of their lifelong financial journey.”