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Guest post by: Rob Bourne Become an Author

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It seems more baby boomers are spending their kids inheritance. According to one of Australia's leading mortgage brokers, Loan market, over 40,000 Australians now hold a reverse mortgage which has increased by 22% over the last 2 years.

Is this the revenge that baby boomers have finally been waiting for? Sponging off obliging parents by adult kids who refuse to leave the nest seems to be more accepted these days. It can drive baby boomers to frustration let alone financial hardship. The younger gens even seem to think that remaining in the nest entitles them to automatic inheritance of what may be a trendy suburban home they could never afford.

On a serious note, the report by Loan Market suggests more baby boomers are mortgaging their homes to finance their retirement. According to Loan Market, a reverse mortgage is only available to people older than 63 and is limited to a maximum loan of $425,000.

It allows baby boomers to use the equity in their homes for almost any lifestyle needs. While the interest rate is slightly higher there are no repayments required until the property is sold.

It would be great for more research to be done on this topic. 40,000 Australians with a reverse mortgage may seem a lot but what percentage is it of total baby boomers who own their own home? What about finding out the reasons why these baby boomers are using a reverse mortgage. Are they in financial hardship? Cash poor and asset rich perhaps?

Sadly, for the kids of these baby boomers, it means less inheritance as their parents finally get some financial relief to spend up and enjoy retirement.

It seems more baby boomers are spending their kids inheritance. According to one of Australia's leading mortgage brokers, Loan Market, over 40,000 Australians now hold a reverse mortgage which has increased by 22% over the last 2 years.

Is this the revenge that baby boomers have finally been waiting for? Sponging off obliging parents by adult kids who refuse to leave the nest seems to be more accepted these days. It can drive baby boomers to frustration let alone financial hardship. The younger gens even seem to think that remaining in the nest entitles them to automatic inheritance of what may be a trendy suburban home they could never afford.

On a serious note, the report by Loan Market suggests more baby boomers are mortgaging their homes to finance their retirement. According to Loan Market, a reverse mortgage is only available to people older than 63 and is limited to a maximum loan of $425,000.

It allows baby boomers to use the equity in their homes for almost any lifestyle needs. While the interest rate is slightly higher there are no repayments required until the property is sold.

It would be great for more research to be done on this topic. 40,000 Australians with a reverse mortgage may seem a lot but what percentage is it of total baby boomers who own their own home? What about finding out the reasons why these baby boomers are using a reverse mortgage. Are they in financial hardship? Cash poor and asset rich perhaps?

Sadly, for the kids of these baby boomers, it means less inheritance as their parents finally get some financial relief to spend up and enjoy retirement.

Those frustrated baby boomers with kids still at home may see it as sweet revenge.

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Referred by: http://jaykubassek.com

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