People who were alive during The Great Depression continue to have a lot of lingering habits related to that experience to this day. Many of them will hide money under the mattress out of fear that the banks will suddenly shut down on them. And many refuse to consider getting assistance from reverse mortgages because they don't want they bank to "own" their homes.
What people of younger generations are trying to let these older folks now is that we're not living in The Great Depression anymore. The reverse mortgage can be a way to access cash when you don't have enough of it. Older folks may not want to place their home on the line because it was the one asset they had during The Depression. However, they need to understand that they can continue to live in their homes until they pass away using a reverse mortgage option.
Change is difficult. And it can be hard to move on past experiences that were so trying and traumatic. But that's why it's the responsibility of the younger generations to make sure that older folks know about the ways in which life has changed.
Question of the Day: Do you believe a refusal to obtain a reverse mortgage could be linked to distrust of lenders resulting from The Great Depression?
