There was an interesting report issued this week that indicates that seniors may be coming to grips with the fact that the value of their home is on the decline. The report relies on information obtained from the online reverse mortgage calculator of a senior issues website. This information reveals that seniors today are self-reporting lower home values when seeking out reverse mortgage information, a move which suggests that they understand that the value of their home isn't the same as it was last year or five years ago.
Seniors in California were most likely to report a large drop in home value - the nation's highest at nearly ten percent. This may indicate that home values in that state have declined considerably more than in other places or it may mean that seniors in California have a better understanding of the decline in home values than do people in other states.
Question of the Day: Are seniors coming to terms with the fact that home values are on the decline?
