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What are the top reasons most people take out a reverse mortgage?

April 26, 2017people reasons reverse mortgage

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What are the top reasons most people take out a reverse mortgage?

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According to a study done by AARP, the main reasons people give for considering a reverse mortgage are as follows: Pay off mortgage (20%) Home repairs/improvements (18%) Improve quality of life (14%) Everyday expenses (10%) Emergencies/unexpected (9%) Pay off non-mortgage debts (7%) Health or disability (5%) Property taxes/insurance (5%) Financial help to family (2%) Investments, annuities, or long-term care insurance (1%) Household chores (1%) The three top reasons – pay off mortgage, home repairs, improve quality of life – accounted for more than one-half of the primary uses of reverse mortgages.