Many Baby Boomers Have Adult Kids Living with Them

Not sure whether to use a reverse mortgage to keep your home because it’s more space than you need? Before selling your house you might want to consider the fact that many people over 50 who expected to have an “empty nest” have seen their kids return home because of the economy.

Multi-Generational Households

About two-thirds of Baby Boomer women are running multi-generational boarding households, according to a recent survey by VibrantNation.com, a Web site for women over 50. Of the women polled, 63% said that one or more of their adult children have moved back in with them and 27% said they have grandchildren living with them. Of those women, 13% also have their own parents or in-laws living with them, too.

Footing the Bill for Family Members

“The Recession is making the ‘Empty Nest’ a historical relic, at least for Boomers,” VibrantNation.com Founder and CEO Stephen Reily said in a statement. “Our research suggests that they are footing the bill for their children, grandchildren and even parents who have moved into their homes and are now assuming multi-generational housing responsibilities that we probably haven’t seen since the Great Depression.”

How a Reverse Mortgage Loan Can Help

If your income is stretched trying to help family members who have moved in with you, a reverse loan could help. Reverse home mortgages allow you supplement your income by converting some of your home equity into cash. The amount you can borrow is based upon your age, interest rates, and home value.

Keep in mind that reverse mortgage guidelines only allow people 62 and up to apply for a loan. If you and your spouse are on the deed you both have to meet the reverse mortgage age requirement.

This entry was posted on Tuesday, March 16th, 2010 at 8:16 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.