According to a recent survey, planning for retirement is the biggest challenge and worry for adults in more than half of the US states.
According to the 2015 Life + Money Survey: Americans’ Biggest Financial Challenges from GoBankingRates, retirement planning was cited as the top worry for U.S. adults in 26 states.
The survey asked over 10,000 U.S. adults the question: “What is your biggest financial challenge?” Participants were then offered several answers to choose from, including: planning for retirement, paying for higher education, paying off credit cards, saving for a home, builing an investment portfolio, saving for an emergency, and sticking to a budget.
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Nearly (20%) of Americans 18-65+ say that planning for retirement is their top challenge. This percentage becomes an even greater concern for adults age 55 and up (60%).
A useful tool for those concerned about funding retirement is a reverse mortgage. A reverse mortgage is a unique tool designed for seniors who are age 62 and older. It allows qualified homeowners to access part of the equity in their homes as well as the freedom and comfort of the home they have known for so many years. Reverse mortgage borrowers are able to retain ownership of and the title to their home and they benefit from the equity have has been building in that home for years.
FirstBank added its Reverse Mortgage Division in 2011 and has been helping improve the quality of life of people in retirement in 49 states ever since. FirstBank is a 107-year-old FDIC insured bank. It is a long-standing member of the Better Business Bureau where it holds an A+ rating. FirstBank is also a subscribing member of the National Reverse Mortgage Lenders Association (NRMLA), and an approved direct lender with the US Department of Housing and Urban Development (HUD).
If you are interested in learning more about how a reverse mortgage can help fund your retirement, call FirstBank Reverse Mortgage today to speak with a Reverse Mortgage Specialist who will help you understand how a reverse mortgage can benefit you.