Reverse Mortgages & parental down payment assistance
It’s both a demographic and social phenomena. More parents are supporting their adult children, in many instances keeping them financially afloat according to a recent article in The Financial Brand. Many reverse mortgage originators have seen their borrowers use a portion of their loan proceeds to help pay for college or bail out their children from financial peril. That trend is expected to increase for parents of Millennials. The question is are today’s baby boomers selling out their own retirement to help their children?