Seniors balk at using home equity loans

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Essentially, the study’s senior-related results were a resounding “get off my lawn!” with a splash of “and turn down that music!” Metaphorically speaking, of course.

Steve Resch (pictured), vice president of retirement strategies at Finance of America Reverse, acknowledged being somewhat taken aback by the mass reticence. “A couple of surprises I personally saw was that Baby Boomers were kind of hesitant about using home equity in their retirement planning,” he told Mortgage Professional America during a telephone interview. “I understand the Silent Generation – the older generation. I get that completely. I think the Baby Boomers, though, have a very broad spread in terms of ages.”

In a synopsis of the study, analysts wrote the findings underscore the need for a greater collective understanding of the merits of housing wealth leverage for certain older homeowners. Key to the approach, according to the study, is promoting a deeper understanding within the financial advisory community as well.

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