MARTTILA. Results from three national surveys conducted for the National Reverse Mortgage Lenders Association. 600 seniors with reverse mortgages.

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2 Results from three national surveys conducted for the National Reverse Mortgage Lenders Association. 600 seniors with reverse mortgages. 600 seniors without reverse mortgages who own their homes. 600 adults 45 years of age+ with at least one surviving parent. Surveys were conducted between October 16 AND October 30, 2010 By: MARTTILA S T R A T E GIES

3 METHODOLOGY On behalf of the National Reverse Mortgage Lenders Association, Marttila Strategies conducted three national telephone surveys between October 16 and October 30, The survey of seniors WITH reverse mortgages interviewed only those seniors who have held reverse mortgages for a minimum of two years. The survey of seniors WITHOUT reverse mortgages interviewed only seniors who own their homes and whose mortgage loan balance is no more than 50% of their home equity. The survey of adults, at least 45 years of age, interviewed only those adults with at least one surviving parent. Respondents indicated that their parents own their homes and that the mortgage loan balance on those homes is no more than 50% of their home equity. For those questions that were answered by 600 respondents, the survey results have a margin of error of +/- 4 percent. 3

4 Among seniors with reverse mortgages, there is considerable anxiety about their economic situation. Nearly 60% described their personal economic situation as not so good or poor. Q: Would you describe the state of your personal finances these days as excellent, good, not so good, or poor? 4

5 seniors without a reverse mortgage are only slightly less concerned about their financial situation. 45% described their personal economic situation as not so good or poor. Q: Would you describe the state of your personal finances these days as excellent, good, not so good, or poor? 5

6 Among seniors with reverse mortgages, one third have seen a family member lose his or her job. One third of seniors with reverse mortgages have seen someone in their families lose a job because of layoffs, closings, downsizing or cutbacks. Totals: 33% YES, 66% NO Among Whites, 34% YES, 65% NO Among African-Americans, 34% YES, 64% NO Q: And what about your family? Has anyone in your family lost their job because of layoffs, closings, downsizing or other company cutbacks? 6

7 among seniors without a reverse mortgage more than one third have seen a family member lose his or her job. Nearly 40% of seniors without reverse mortgages have seen someone in their families lose a job because of layoffs, closings, downsizing or cutbacks. Totals: 37% YES, 61% NO Among Whites, 36% YES, 63% NO Among African-Americans, 40% YES, 58% NO Q: And what about your family? Has anyone in your family lost their job because of layoffs, closings, downsizing or other company cutbacks? 7

8 45% of seniors with reverse mortgages still live in the home in which their children grew up. 85% of seniors with reverse mortgages have adult children. 93% of seniors with reverse mortgages have grandchildren. Among Whites, 41% YES, 58% NO Among African-Americans, 55% YES, 42% NO Q: Is the home that secures your reverse mortgage the home in which your children grew up? 8

9 36% of seniors without reverse mortgages still live in the home in which their children grew up. 90% of seniors with reverse mortgages have adult children. 89% of seniors with reverse mortgages have grandchildren. Total: 36% YES, 63% NO Among Whites, 36% YES, 64% NO Among African-Americans, 40% YES, 60% NO Q: Is the home that secures your reverse mortgage the home in which your children grew up? 9

10 40% of seniors with reverse mortgages involved their children in the decision to obtain a reverse mortgage. Of the children who were involved, 65% approved Total: 43% YES, 55% NO Among Whites, 41% YES, 58% NO Among African-Americans, 55% YES, 42% NO Q: Did you involve your children in the decision to go forward with a reverse mortgage? Q: Were your children supportive of your decision to proceed with the reverse mortgage? 10

11 seniors with reverse mortgages give the financial product exceptionally high ratings. On a 10-point scale, 43% rated their reverse mortgage a % of Whites with a reverse mortgage rated it a % of African-Americans with a reverse mortgage rated it a 10. Among Whites, 33% rated their reverse mortgage a 7, 8 or 9. Among African-Americans, 28% rated their reverse mortgage a 7, 8 or 9. Only 10% of the seniors rated their reverse mortgage as a 1, 2, 3. Q: Please rate your satisfaction with your reverse mortgage on a 10-point scale. with one representing not at all satisfied, and 10 representing a maximum level of satisfaction, what number would you use to characterize your satisfaction with your reverse mortgage? Choose any number between one and

12 more than 50% of seniors with reverse mortgages would definitely recommend them to a family member or friend. Among Whites, definitely recommend 53% Among Whites, PROBABLY RECOMMEND 29% Among African-Americans, DEFINITELY RECOMMEND 53% Among African-Americans, PROBABLY RECOMMEND 20% Q: Based on your entire experience, would you recommend a reverse mortgage to another family member or friend? Would you definitely recommend, probably recommend, probably not recommend, or definitely not recommend? 12

13 seniors with reverse mortgages clearly understood the financial terms of the product. 45% of seniors understood the financial terms very well, while another 30% understood the financial terms well. Among Whites, 50% understood the financial terms very well, while another 30% of Whites understood the terms well. Among African-Americans, 35% understood the financial terms very well, while another 33% of African-Americans understood the terms well. Q: And thinking back to the time when you secured the reverse mortgage, how well did you understand the (financial) terms of this product? Very well, well, not very well, not at all? 13

14 75% of seniors with a reverse mortgage received reverse mortgage counseling and found it beneficial. 75% of seniors with reverse mortgages said they received reverse mortgage counseling. Total: 77% said they received counseling. Among Whites, 80% said they received counseling. Among African-Americans, 71% said they received counseling. And of those who received reverse mortgage counseling, 86% found the counseling useful. Among Whites, 58% FOUND REVERSE MORTGAGE counseling very useful. Among African-Americans, 59% found REVERSE MORTGAGE counseling very useful. Q: Did you receive professional counseling from a reverse mortgage financial counselor before you went forward with the reverse mortgage? 14

15 90% of all seniors with reverse mortgages felt no pressure to proceed with a reverse mortgage. Total: 90% FELT no pressure Among Whites, 91% felt no pressure Among African-Americans, 87% felt no pressure Q: And as you were making the decision whether to proceed with the reverse mortgage, did you feel any sales pressure to agree to the reverse mortgage? 15

16 90% of all seniors with reverse mortgages did not feel they had been MISLED or given false information about the financial product. Total: 89% were not misled Among Whites, 91% were not misled Among African-Americans, 83% were not misled Q: And as you were making the decision whether to proceed with the reverse mortgage, did you ever feel that you were being misled or given false information about the product? 16

17 financial difficulties were the predominant reason for obtaining a reverse mortgage. Financial difficulties/pressure: 48% Among Whites, 50% Among African-Americans, 45% Paying off existing bills: 15% Among Whites, 15% Among African-Americans, 17% Paying off/consolidating debt: 19% Among Whites, 17% Among African-Americans, 26% Remodel or make repairs to your home: 11% Among Whites, 11% Among African-Americans, 12% Using some of the equity to enjoy life more: 13% Among Whites, 14% Among African-Americans, 11% Q: Looking back to your original decision to proceed with a reverse mortgage, what were the primary reasons that cause you to go forward with the reverse mortgage? 17

18 More than half of seniors with A reverse mortgage could not cover Their monthly expenses without it. Total: A: 35% B: 56% Among Whites, A: 36% B: 56% Among African-Americans, A: 38% B: 56% Q: Which statement is closer to your own experience? A: I do not need a reverse mortgage to cover my monthly expenses. B: I would not be able to cover my monthly expenses without the reverse mortgage. 18

19 25% of seniors without reverse mortgages believe they will not be able to cover their monthly expenses without supplemental income. Total: A: 71% B: 25% Among Whites, A: 73% B: 23% Among African-Americans, A: 61% B: 56% Q: Which statement is closer to your own experience? A: I do not need any supplemental income to cover my monthly expenses. B: I will not be able to cover my monthly expenses without supplemental income. 19

20 48% of seniors with a reverse mortgage need it to stay in their homes. Total: A: 44% B: 48% Among Whites, A: 45% B: 47% Among African-Americans, A: 37% B: 54% Q: Which statement is closer to your own experience? A: I would have to leave my home if I did not have a reverse mortgage. B: I do not need a reverse mortgage to stay in my home. 20

21 nearly 20% of seniors without a reverse mortgage believe they will have to leave their homes without supplemental income. Total: A: 17% B: 79% Among Whites, A: 15% B: 81% Among African-Americans, A: 19% B: 78% Q: Which statement is closer to your own experience? A: I will have to leave my home if I do not find a source of supplemental income. B: I did not need supplemental income to stay in my home. 21

22 an intergenerational consensus exists about the wisest financial strategy for seniors: use their money to pay expenses so their adult children will not worry about them. Q: Which statement is closer to your own beliefs? A: I hope to leave my children (and heirs) some inheritance to make their future lives easier. B: I want to be able to pay all of my expenses while I am alive so my children (and heirs) do not have to worry about me. Among seniors without reverse mortgages, Total: A: 27% B: 68% Among seniors with reverse mortgages, Total: A: 17% B: 72% Among adults with one living parent, Total: A: 9% B: 89% 22

23 The views of seniors and their adult children about the U.S. economy and their economic future. 23

24 all respondents expressed deep pessimism about the state of the american economy. Approximately 85% described the state of the US economy as not so good or poor. Q: Would you describe the state of the US economy as excellent, good, not so good, or poor? 24

25 respondents expressed slightly more favorable views about the future of the US economy, but many believe we are heading for tougher times. Seniors with reverse mortgages: better times 49% tougher times 37% Seniors without reverse mortgages: better times 43% tougher times 48% Adults with living parent (s): better times 41% tougher times 53% Q: Looking ahead to the next year or so, do you feel more confident that the US economy is headed for better times OR are you more concerned that the US economy is headed for tougher times? 25

26 many believe they are worse off than they were five years ago. Seniors with reverse mortgages: Better off 19% Worse off 37% About the same 43% Seniors without reverse mortgages: Better off 19% Worse off 40% About the same 41% Adults with living parent (s): Better off 21% Worse off 37% About the same 42% Q: Compared to five years ago, would you say you are better off financially, worse off financially, or about the same? 26

27 more than 40% worry that they will not have enough money in the future to lead the kind of life they would want. Seniors with reverse mortgages: YES 38% NO 52% Seniors without reverse mortgages: YES 49% NO 43% Adults with living parent (s): YES 48% NO 40% Q: Looking ahead, do you think you ll have enough money in the future to lead the kind of life you want? 27

28 more than one third have seen job losses IN their immediate families. Seniors with reverse mortgages: YES 33% NO 66% Seniors without reverse mortgages: YES 37% NO 61% Adults with living parent (s): YES 45% NO 54% Q: Has anyone in your family lost their job because of layoffs, closings, downsizing or other company cutbacks? 28

29 40% of seniors still live in the house in which they raised their children. Seniors with reverse mortgages: YES 43% NO 55% Seniors without reverse mortgages: YES 36% NO 63% Adults with living parent (s): YES 44% NO 56% Q: Are you (are your parents) still living in the same house in which you raised your children? 29

30 80% of seniors would like to stay in the home in which they are currently living, a desire their children understand. Seniors with reverse mortgages: STAY 81% MOVE 11% Seniors without reverse mortgages: STAY 79% MOVE 18% Adults with living parent (s): STAY 86% MOVE 11% Q: I would like to stay in my house for the rest of my life. (my parents would like to stay in their house for the rest of their life). 30

31 many seniors believe they will not be able to cover their monthly expenses without supplemental income. I need (my parents need) supplemental income to cover my monthly expenses. Seniors with reverse mortgages: YES 35% NO 56% Seniors without reverse mortgages: YES 25% NO 71% Adults with living parent (s): YES 24% NO 73% 31

32 many worry they will have to leave their homes without supplemental income. I will have to leave my home (my parents will have to leave their home) without supplemental income. Seniors with reverse mortgages: YES 44% NO 48% Seniors without reverse mortgages: YES 17% NO 79% Adults with living parent (s): YES 15% NO 79% 32

33 seniors and their adult children agree: the best financial strategy is for seniors to pay their bills and not worry about leaving an inheritance. I hope to leave my children (and heirs) and inheritance. OR, I want to be able to pay all MY BILLS so my children do not worry about me. my parents should take care of themselves and not worry about me. Seniors with reverse mortgages: Leave inheritance 17% Pay my bills so they don t worry 72% Seniors without reverse mortgages: Leave inheritance 27% Pay my bills so they don t worry 68% Adults with living parent (s): Leave inheritance 9% Pay my bills so they don t worry 89% 33

34 seniors and their adult children agree: younger people today face greater financial pressures than their parents. ThIS could be the first generation of Americans to live less well than previous generations. Seniors with reverse mortgages: A 26% B 59% Seniors without reverse mortgages: A 31% B 60% Adults with living parent (s): A 28% B 67% Q: Which statement is closer to your own experience? A. Despite the economic recession of the past few years, the American economy will rebound and continue to be the strongest in the world. Younger Americans have a bright and promising economic future. B: The financial pressures faced by many younger people these days is much worse than what my generation faced (my parents generation faced). Younger Americans are likely to be the first generation who will live less well than the generations that preceded them. 34

35 Seniors worry about the financial responsibility of their children s generation. Their children share their concerns. Seniors with reverse mortgages: A 37% B 43% Seniors without reverse mortgages: A 43% B 49% Adults with living parent (s): A 58% B 37% Q: Which statement is closer to your own experience? A. My children s generation (my generation) is much less financially responsible than my generation. B: My children s generation (my generation) is every bit as financially responsible as my generation. 35

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