An AARP study revealed that 85% of seniors prefer to remain in the home they have worked so hard to maintain and which holds comfort, security, and memories.

According to the National Council on Aging, the development of the reverse mortgage is an important tool for seniors intending to live at home as they grow older, also known as “aging in place.” These loans can provide seniors with vital income for home maintenance, taxes and health care, while some older adults use reverse mortgages for indulgences such as a second car, family gifts or lavish vacations.

According to AARP, the top 10 reasons seniors get a reverse mortgage are:

• Pay off mortgage (20%)

• Home repairs/improvements (18%)

• Improve quality of life (14%)

• Everyday expenses (10%)

• Emergencies/unexpected (9%)

• Pay off non-mortgage debts (7%)

• Health or disability (5%)


• Property taxes/insurance (5%)

• Financial help to family (2%)

• Investments, annuities, or long-term care insurance (1%)
  Household chores (1%) (tie)

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