Grandparents & Giving
September 4th, 2007
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Given that reverse mortgages are available to those 62 and older, it follows that a lot of reverse mortgage borrowers and potential borrowers are also grandparents.
That introduction brings us to the “Grandparents Cost Index” put together by Liberty Reverse Mortgage and Sacramento State University.
The 2007 edition of the study shows there are 56 million grandparents in the US and that they are spending $27.5 billion annually on grandchildren.
If they had the cash though, says the study, the grandfolks would spend $56.2 billion.
“Grandparents who have mortgages spend a lot less than those who do
not,” explains survey author Professor Dennis H. Tootelian, Ph.D. “The economic impact of grandparent’s spending is huge, and it continues to grow as the spending power of these Grandparents increases.”
If 56 million grandparents spend 27.5 billion that’s an average of $491.07. This makes me jealous of today’s young’uns — in my youth grandparents were usually good for $2 per visit, and I was grateful.
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