NCOA Awareness of Home Equity Products Among Older Homeowners and Financial Advisors

Major findings:

Despite the importance of home equity as part of their financial portfolio, older homeowners do not understandand are reluctant to use home equity products.
Older homeowners and financial advisors have a strong negative bias against the Reverse Mortgage Line of Credit, based exclusively on product name and driven by preconceived notions and misunderstanding of the product.
Based on product features alone, both consumers and financial advisors prefer the Reverse Mortgage Line of Credit, citing it as less risky and more desirable than a Home Equity Line of Credit.
Older homeowners are open to education and information to help them better understand safe and appropriate ways to use home equity products to address their retirement needs.