Inflation spike – how it is affecting senior homeowners

The survey showed that accelerating inflation was a major concern for seniors, with two-thirds (66%) of older Americans thinking that it would negatively impact their retirement. More than half (53%) said that the cost of living is higher in retirement than they had anticipated.

Not only is life more expensive for seniors, but 36% said they have less money than they thought they would at this point in their life. Additionally, 37% of seniors feel like they would need to increase their cash flow in order to retire comfortably.

“Many seniors in this country are discovering that their retirement plans aren’t working out as they had hoped, and inflation is only making that reality worse,” said AAG chief marketing officer Martin Lenoir. “With older Americans searching for ways to afford the cost of living and increase their cash flow, it’s no surprise that so many are turning towards reverse mortgages.”

Read more: Reverse mortgages can help reduce retirees’ exposure to market risks – study

With housing prices at record highs, Lenoir said that seniors across the US are tapping into their home equity and using the funds to create a comfortable retirement.