{"id":779429,"date":"2023-08-22T13:49:10","date_gmt":"2023-08-22T17:49:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\/"},"modified":"2023-08-22T13:49:10","modified_gmt":"2023-08-22T17:49:10","slug":"concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\/","title":{"rendered":"Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor1 { background-color: #d3d3d3 }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignt { vertical-align: top }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR<\/b><\/p>\n<p class=\"bwalignc\"><i>Second Annual<b \/>\u201cHome Equity Punch List\u201d Survey Finds Growing Concerns Over Expenses and Financial Longevity<\/i><\/p>\n<p class=\"bwalignc\"><i>Polling Points to Persistent Need for Broader Education About Specific Uses for Home Equity and Reverse Mortgage Products<\/i><\/p>\n<p>SAN DIEGO&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nFinance of America Reverse LLC (\u201cFAR\u201d), a leading provider of reverse mortgages and part of Finance of America\u2019s (NYSE: FOA) modern retirement solutions platform, today published its <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fexplorehomeequity.far.com%2Fhubfs%2FFAR-Branded%2520Report%2520%255BHarris%2520Poll%25202023%255D_V04.pdf&amp;esheet=53543249&amp;newsitemid=20230822929846&amp;lan=en-US&amp;anchor=2023+Home+Equity+Punch+List&amp;index=1&amp;md5=7a5693835688f386c7fac013e1fc6144\"><b>2023<\/b><b>Home Equity Punch List<\/b><\/a>. The survey tracks U.S. homeowners\u2019 perceptions and understanding of home equity, as well as sentiment related to long-term financial planning and retirement-related topics over time.<\/p>\n<p><b>Topline Survey Findings<\/b><\/p>\n<p>\nFAR\u2019s second annual Home Equity Punch List survey reveals persistently high anxiety among U.S. homeowners as it relates to their economic outlook and personal finances. Nearly 8 out of 10 (79%) homeowners surveyed feel anxious about the state of the U.S. economy, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fexploreretirement.far.com%2Fhomeequitypunchlist&amp;esheet=53543249&amp;newsitemid=20230822929846&amp;lan=en-US&amp;anchor=the+same+as+2022&amp;index=2&amp;md5=eeeaeda7a0e157b2c795b239d14e2c56\">the same as 2022<\/a>, while anxiety about financial expenses increased further.<\/p>\n<p>\nWhen compared to last year, the study found U.S. homeowners feel more anxious about their ability to afford a range of needs and wants.<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nApproximately 6 out of 10 homeowners (61%) worry about unexpected healthcare costs in retirement, up from 48% in 2022.<\/p>\n<\/li>\n<li>\n4 out of 10 (40%) homeowners feel anxious about their ability to pay off debt, up from 36%.<\/p>\n<\/li>\n<li>\n41% of homeowners feel anxious about their discretionary spending, such as purchasing a new car or taking a trip, up from 32%.<\/p>\n<\/li>\n<li>\nConcerns about long-term financial matters are greatest among women \u2013 with 82% anxious about the economy (compared to 75% of men) and 54% anxious about their ability to retire on their terms (compared to 46% of men).<\/p>\n<\/li>\n<li>\nHowever, despite increases in financial anxiety, homeowners still aren\u2019t looking to their housing wealth to help assuage their concerns as the likelihood of using a home equity loan increased only marginally with a slight uptick from 28% in 2022 to 32% in 2023.<\/p>\n<\/li>\n<\/ul>\n<p>\nA key finding points to varying levels of product knowledge and low familiarity with the different ways financial products can be used as potential factors contributing to financial anxieties for some homeowners. Notably, respondents familiar with a reverse mortgage were also more likely to know the different use cases of financial products \u2013 with 73% reporting they were aware home equity could help supplement income in retirement, compared to just 40% for those unfamiliar with a reverse.<\/p>\n<p>\nDrilling down further into the overall confusion or unawareness of the specific uses for certain financial products, interestingly, women respondents reported being less familiar with products than men, with retirement accounts like a 401(k) or IRA as the exception where women and men were equally familiar. Baby Boomers reported being less familiar with home sharing, cash-out refinancing, reverse mortgages, and cryptocurrency when compared to Gen X and Gen Z\/Millennials. Women and older generations were also less familiar with different financial products and less aware of how the benefits of home equity \u2013 and reverse mortgages specifically \u2013 can help address many of their financial concerns, including the ability to pay for certain expenses, such as healthcare costs and home renovations.<\/p>\n<p>\nCommenting on the survey results, FOA Chief Marketing Officer, Chris Moschner said, \u201cHomeowners\u2019 concerns about the economy remain high and they are more apprehensive about their ability to meet their future financial goals compared to last year. This coincides with the fact that more than three in four seniors can\u2019t meet their financial obligations in retirement and America\u2019s retirement savings gap is nearing $4 trillion. There is a persistent lack of education and limited understanding of the benefits of home equity-based solutions and reverse mortgages \u2013 such as supplementing retirement accounts, helping older homeowners age in place, and paying for long-term care needs \u2013 exacerbating the problem further. However, we have an obvious solution hiding in plain sight, that can help allay concerns about financial longevity. Now is the time to tackle this challenge head on.\u201d<\/p>\n<p>\nMoschner continued: \u201cIt\u2019s promising to see an increase in the number of older adults who are open to tapping their home equity. However, when you consider that seniors aged 62 and older have amassed <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.nrmlaonline.org%2Fabout%2Fpress-releases%2Fsenior-home-equity-levels-fall-slightly-to-12-39t-in-q4&amp;esheet=53543249&amp;newsitemid=20230822929846&amp;lan=en-US&amp;anchor=more+than+%2412+trillion+in+home+equity&amp;index=3&amp;md5=2971cb69b63a7f8af2785782220843a6\">more than $12 trillion in home equity<\/a>, there\u2019s a massive opportunity to use the home as both a shelter and a springboard for today\u2019s modern retirees.\u201d<\/p>\n<p><b>Increased Financial Anxiety Among U.S. Homeowners<\/b><\/p>\n<p>\nAnxiety related to the state of the U.S. economy ranked as the top concern among all homeowners, followed by the ability to cover healthcare costs and meet various future financial needs.<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>79% feel anxious about the state of the U.S. economy (same as 2022).<\/i><\/li>\n<li><i>61% worry about unexpected healthcare costs in retirement (up from 48%).<\/i><\/li>\n<li><i>40% feel anxious about their ability to pay off debt (up from 36%).<\/i><\/li>\n<\/ul>\n<p><b>Women, Younger Generations Most Concerned About Financial Futures<\/b><\/p>\n<p>\nConcerns about long-term financial matters are greatest among women, followed by younger generations.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>How anxious do you feel about each of the following?<\/b><\/p>\n<p class=\"bwcellpmargin\">\n(% Very\/Somewhat Anxious)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Females<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Males<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gen Z \/ Millennials<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gen X<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Boomers<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>The state of the U.S. economy<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>82%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>75%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>74%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>81%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>81%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Ability to retire on your terms<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>54%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>46%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>65%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>65%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>35%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Ability to pay for an unexpected medical expense in retirement<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>53%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>41%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>59%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>54%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>37%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Ability to support your family financially<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>48%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>40%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>62%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>54%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>29%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nWomen and younger generations expressed more uncertainty relative to their home\u2019s value.<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>When asked to estimate their home\u2019s current market value: 14% of women were unsure, compared to 9% of men; 15% of Gen Z\/Millennials were unsure, compared to 12% of Gen X and 9% of Boomers.<\/i><\/li>\n<li><i>38% of women and 51% of Gen Z\/Millennials worry about their home losing value; compared to 32% of men, 42% of Gen X and 22% of Boomers.<\/i><\/li>\n<\/ul>\n<p><b>Financial Product Awareness Ranks Lowest Among Women and Baby Boomers<\/b><\/p>\n<p>\nWhile 81% of female homeowners and 85% of male homeowners report being familiar with retirement accounts, like a 401(k), this gap widens significantly when it comes to other financial products. Similarly, when compared to younger generations, Baby Boomers reported less familiarity with a wide range of financial solutions.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>How familiar are you with the following?<\/b><\/p>\n<p class=\"bwcellpmargin\">\n(% Very\/Somewhat Familiar)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Females<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Males<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gen Z \/ Millennials<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gen X<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Boomers \/ Silent Generation<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Personal loan (home improvements \/ renovations)<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>68%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>75%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>77%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>74%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>67%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Fixed rate home equity loan<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>58%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>71%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>66%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>68%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>62%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Home equity line of credit (HELOC)<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>52%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>69%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>63%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>63%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>57%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Home sharing<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>43%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>50%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>61%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>48%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>37%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Cash-out refinance<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>32%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>52%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>57%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>44%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>33%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Reverse mortgage<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>30%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>50%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>52%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>38%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>35%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Cryptocurrency<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>28%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>46%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>63%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>40%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>20%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nContributing to financial anxiety is a lack of knowledge about financial products that offer potential solutions to homeowners\u2019 challenges.<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>42% of women know that home equity can help supplement income in retirement, compared to 65% of men.<\/i><\/li>\n<li><i>84% of Boomers and 84% of Silent Generation feel confident they would qualify for a home equity loan \u2013 <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.urban.org%2Fresearch%2Fpublication%2Fmortgage-denial-rates-and-household-finances-among-older-americans&amp;esheet=53543249&amp;newsitemid=20230822929846&amp;lan=en-US&amp;anchor=despite+their+ability+to+qualify+for+financing+decreasing+as+they+retire+due+to+income+requirements+on+many+products&amp;index=4&amp;md5=5f333170a0e059ebcc5880f02098da6c\">despite their ability to qualify for financing decreasing as they retire due to income requirements on many products<\/a>.<\/i><\/li>\n<\/ul>\n<p>\nNuances between home equity product types and their different features add to confusion across all homeowner demographics. When asked to specifically identify the actual use cases for reverse mortgages \u2013 like the ability to pay off a mortgage or eliminate a monthly mortgage payment \u2013 many were unsure.<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>38% of women and 38% of Boomers know that a reverse mortgage can be used to pay off a mortgage, compared to 46% of men and 49% of Gen Z\/Millennials.<\/i><\/li>\n<\/ul>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Summary of True Use Cases for Home Equity Loans (all respondents)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Not Sure<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>False<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>True<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMaking home improvements\/renovations<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n12%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n5%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n83%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccessing a line of credit for needed expenses<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n19%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n9%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n72%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPaying off debt<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n19%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n10%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n71%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPaying for in-home\/long-term care<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n32%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n19%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n49%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPaying off a mortgage<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n27%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n35%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n37%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEliminating a monthly mortgage payment<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n28%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n40%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n32%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Room to Expand Home Equity Education with Homeowners and Financial Advisors<\/b><\/p>\n<p>\nSimilar to the 2022 survey, this year\u2019s findings illustrate the need to expand awareness efforts and further educate homeowners and financial advisors about the ways to incorporate home equity, and reverse mortgages specifically, into a long-term financial plan.<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>Roughly 4 in 10 homeowners (37%) work with a financial advisor, similar to 2022.<\/i><\/li>\n<li><i>Of those surveyed with a financial advisor, nearly 9 in 10 (88%) trust their financial advisor would speak to them about a home equity loan if in their best interest.<\/i><\/li>\n<li><i>However, only 31% have ever spoken with their advisor about a home equity loan (compared to 29% in 2022).<\/i><\/li>\n<\/ul>\n<p>\nAccording to a <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fahe.illinois.edu%2Ffiles%2F2020%2F07%2FCredit-and-Home-Equity-White-Paper-July-2020.pdf&amp;esheet=53543249&amp;newsitemid=20230822929846&amp;lan=en-US&amp;anchor=study&amp;index=5&amp;md5=3ca3ecf70574e99122669cea843a71e4\">study<\/a> by The Academy of Home Equity in Financial Planning, among the factors that contribute to financial services professionals not making mortgage, home equity loan, or reverse mortgage recommendations to clients are compliance requirements and lack of understanding of strategies and products. As FAR\u2019s survey data suggests, this dynamic also creates a mismatch between consumer expectations and the current reality for financial advisors\u2019 ability to speak to these products.<\/p>\n<p>\nConversations with financial advisors about home equity and strategies to age in place are less common among women and older generations. These conversations are even fewer among Baby Boomers compared to younger generations.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Agree with statements re: financial advisor<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Females<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Males<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gen Z \/ Millennials<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gen X<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Boomers<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Spoken with advisor about ways to remain in current home in retirement<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>59%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>70%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>76%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>73%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>54%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Spoken with advisor about ways to pay for long-term care<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>53%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>71%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>75%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>68%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>52%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>My advisor considers home equity as part of retirement plan<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>49%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>57%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>77%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>60%<\/i><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>38%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u201cWe are well-positioned to help retirees live more comfortably and thrive in retirement; yet that requires greater education and collaboration among homeowners and financial advisors alike to help narrow the familiarity gap. This can be accomplished by cutting through the clutter and demonstrating how reverse mortgages have materially benefited retirees and the distinct benefits that can flow from home equity-based financial solutions,\u201d said Steve Resch, Vice President of Retirement Strategies at FAR.<\/p>\n<p>\nResch concluded, \u201cWe are committed to putting the home at the center of a modern retirement so older homeowners have more options and better outcomes later in life.\u201d<\/p>\n<p>\nFor a more in-depth look at the Home Equity Punch List, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fexplorehomeequity.far.com%2Fhubfs%2FFAR-Branded%2520Report%2520%255BHarris%2520Poll%25202023%255D_V04.pdf&amp;esheet=53543249&amp;newsitemid=20230822929846&amp;lan=en-US&amp;anchor=Far.com%2Fhomeequitypunchlist2023&amp;index=6&amp;md5=56f034ae0194ad453923da18b21b0084\"><b>Far.com\/homeequitypunchlist2023<\/b><\/a> to access additional data and insights from the survey.<\/p>\n<p><b><span class=\"bwuline\">About The Harris Poll<\/span><\/b><\/p>\n<p>\nThe Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights &amp; Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building 21st-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.theharrispoll.com%2F&amp;esheet=53543249&amp;newsitemid=20230822929846&amp;lan=en-US&amp;anchor=www.theharrispoll.com&amp;index=7&amp;md5=8e4333ddc3561ee5170dfc073a73494f\">www.theharrispoll.com<\/a>.<\/p>\n<p><b><span class=\"bwuline\">Survey Methodology<\/span><\/b><\/p>\n<p>\nThe Harris Poll conducted the survey online on behalf of Finance of America Reverse, from May 15 \u2013 26, 2023, among n=2011 US homeowners 18+ who live in the United States. Figures for age by sex, education, income, race\/ethnicity, household size, marital status, and region were weighted where necessary to bring them into line with their actual proportions in the population.<\/p>\n<p><b><span class=\"bwuline\">About Finance of America Reverse<\/span><\/b><\/p>\n<p>\nAs a retirement solutions company and part of the Finance of America Companies (NYSE: FOA) family of companies, Finance of America Reverse is committed to empowering people with the tools they need to achieve financial independence and get to work on retirement. Through its team of Licensed Loan Officers and network of professional and wholesale partners, Finance of America Reverse offers products and services designed to help older Americans include home equity in their retirement plans. The company is licensed nationally and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA).<\/p>\n<p>\n\u00a92023 Finance of America Reverse LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID #2285 (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.nmlsconsumeraccess.org&amp;esheet=53543249&amp;newsitemid=20230822929846&amp;lan=en-US&amp;anchor=www.nmlsconsumeraccess.org&amp;index=8&amp;md5=0b7d44edd4167257d0ad4b8e1cebb7ac\">www.nmlsconsumeraccess.org<\/a>) | 8023 East 63<sup>rd<\/sup> Place, Suite 700 | Tulsa, OK 74133<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230822929846r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230822929846\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230822929846\/en\/<\/a><\/span><\/p>\n<p><b>For Finance of America<br \/>\n<\/b><br \/>Media Relations: <a rel=\"nofollow\" href=\"mailto:pr@financeofamerica.com\">pr@financeofamerica.com<br \/>\n<\/a><br \/>Investor Relations: <a rel=\"nofollow\" href=\"mailto:ir@financeofamerica.com\">ir@financeofamerica.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Professional Services Consumer Baby Boomers Residential Building &amp; Real Estate Construction &amp; Property Insurance Generation Z Generation X REIT Finance Millennials<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230822929846\/en\/1871958\/3\/far_logo_2.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR Second Annual\u201cHome Equity Punch List\u201d Survey Finds Growing Concerns Over Expenses and Financial Longevity Polling Points to Persistent Need for Broader Education About Specific Uses for Home Equity and Reverse Mortgage Products SAN DIEGO&#8211;(BUSINESS WIRE)&#8211; Finance of America Reverse LLC (\u201cFAR\u201d), a leading provider of reverse mortgages and part of Finance of America\u2019s (NYSE: FOA) modern retirement solutions platform, today published its 2023Home Equity Punch List. The survey tracks U.S. homeowners\u2019 perceptions and understanding of home equity, as well as sentiment related to long-term financial planning and retirement-related topics over time. Topline Survey Findings FAR\u2019s second annual &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-779429","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR Second Annual\u201cHome Equity Punch List\u201d Survey Finds Growing Concerns Over Expenses and Financial Longevity Polling Points to Persistent Need for Broader Education About Specific Uses for Home Equity and Reverse Mortgage Products SAN DIEGO&#8211;(BUSINESS WIRE)&#8211; Finance of America Reverse LLC (\u201cFAR\u201d), a leading provider of reverse mortgages and part of Finance of America\u2019s (NYSE: FOA) modern retirement solutions platform, today published its 2023Home Equity Punch List. The survey tracks U.S. homeowners\u2019 perceptions and understanding of home equity, as well as sentiment related to long-term financial planning and retirement-related topics over time. Topline Survey Findings FAR\u2019s second annual &hellip; Continue reading &quot;Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-22T17:49:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230822929846r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR\",\"datePublished\":\"2023-08-22T17:49:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\\\/\"},\"wordCount\":1941,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230822929846r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/concerns-about-household-finances-remain-high-as-8-out-of-10-homeowners-are-anxious-about-u-s-economy-according-to-new-research-from-far\\\/\",\"name\":\"Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR - 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The survey tracks U.S. homeowners\u2019 perceptions and understanding of home equity, as well as sentiment related to long-term financial planning and retirement-related topics over time. 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