Three in four Gen X adult children want their parents to retire in the comfort of their own home*

* Reverse mortgage borrowers must continue to pay taxes, insurance, home maintenance, and meet the terms of the loan.

AAG’s Adult Child Survey shows that Gen X adult children are not emotionally or financially prepared to care for their parents later on.

IRVINE, Calif., October 14, 2022 /PRNewswire/ — Inflation and current economic conditions are creating problems for senior baby boomers, and new data from the American Advisors Group (AAG) shows that many of their Gen X children ) are not emotionally or financially ready to care for them in their later years. To find out exactly how Gen X adult children are feeling, AAG, a national leader in home equity solutions for seniors, conducted the Adult Child Survey with more than 1,500 participants aged 40. at age 55 who have elderly parents.

“The retirement savings crisis is real, and many adult Gen X children tell us that caring for their parents will be extremely difficult and potentially inaccessible.” said Eddie Herda AAG, vice president of brand strategy. “There is interest in finding financial solutions to help fund their parents’ final years and our data shows that the majority are now in favor of using their parents’ home equity.”

The data shows that Gen X adult children are not emotionally or financially prepared to care for their parents:

  • About three out of four adult children want their parents to grow old in the comfort of their own home. 74% of Gen X adult children said they would rather see their parents live out their final years in their own home than in an assisted living facility. *

    * Reverse mortgage borrowers must continue to pay taxes, insurance, home maintenance, and meet the terms of the loan.
  • More than half of Gen X adult children in the United States would not have the money to care for their aging parents if a situation required their help. 55% of adult children said they were not financially prepared to care for their parents in times of need.
  • 44% of adult children are not emotionally prepared to care for their parents in their later years.
  • Half of Gen X adult children in the United States do not know how much debt their parents have accumulated. 50% of adult children said they don’t know how much debt their parents currently have.
  • More than half of Gen X adult children believe their parents’ home equity could be a financial solution. 60% of adult children said they were in favor of their parents using their home equity to fund their later years.
  • More than three-quarters of parents have never talked to their Gen Xers about using their home equity to fund their retirement. 76% of adult children said they have never talked to their parents about using the equity in their home to fund their retirement years.

To read the full results of the AAG Adult Children Survey, visit this link: http://view.ceros.com/aag/adult-children-survey

As Americans look for ways to boost their cash flow, senior housing wealth has hit an all-time high at an all-time high $11 trillion, according to the National Association of Reverse Mortgage Lenders. (Source: https://www.nrmlaonline.org/about/press-releases/senior-home-equity-exceeds-record-11-12-trillion) Through a Home Equity Conversion Mortgage (HECM ) federally insured, most commonly known as a reverse mortgage, seniors age 62 and older can access the equity in their home, eliminate their monthly mortgage payments, and stay in their home for the long term . Seniors who use a reverse mortgage to stay in their home long-term are required to continue to pay their taxes and insurance, keep the home as their primary residence, and meet all of the terms of the loan.

The AAG’s survey of adult children was conducted on May 12, 2022 and included 1,510 participants. Responses include many formats, including yes and no answers, ranking preferences, and multiple-choice answers. The survey was conducted on a digital platform so that participants from all parts of the United States could respond from the safety of their homes. All participants were randomly selected, with age and parental ownership being the only qualifying factors.

AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of their home equity. As the national leader in reverse mortgages, AAG offers a range of home equity solutions, including home equity conversion mortgages, traditional and proprietary mortgages, designed to deliver better outcomes for seniors. financials in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgages, please visit the company’s website at www.aag.com.

American Advisors Group NMLS # 9392 (www.nmlsconsumeraccess.org). American Advisors Group (AAG) is headquartered at 18200 Von Karman Ave., Suite 300, Irvine, California 92612. For complete disclosure information, visit https://www.aag.com/legal-information/. These materials are not from HUD or FHA and have not been endorsed by HUD or any government agency.

Contact:
Cindy Hearn
[email protected]
(949) 466-6302

SOURCE American Advisory Group (AAG)

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