At the beginning of this week, we took a look at news about reverse mortgages in India. This brings up some additional questions about reverse mortgages in other parts of the world. More specifically, it brings up the question of how a person's culture may influence their decision to get a reverse mortgage loan.
Culture vary greatly in their treatment of the elderly people in their communities. Many Indian and Asian families still follow traditions which encourage children to take care of their parents. Families often share homes with their parents and in-laws when the older person needs assistance as they age.
In Western culture, we tend to be more focused on youth. Young adults don't always feel the same sense of commitment to taking care of their parents that individuals of other culture may feel. As a result, the aging adult may be in a position which requires finding their own solutions to financial and housing problems, solutions which include the reverse mortgage loan.
As the world changes and cultures influence one another, we are seeing both sides of this puzzle come towards each other. Western children are taking more responsibility for their parents. Eastern children are working towards caretaking solutions that don't involve living with the in-laws. The happy medium between these two ends may be seen when adult children assist their parents in planning out their financial futures through obtaining and using reverse mortgages and other income-generating tools.
Question of the Day: How do you think culture impacts reverse mortgage adoption?
