The most common motivation for borrowers (and nonborrowers) in opting for a reverse mortgage was “to gain extra income for everyday expenses” and “paying off mortgage debt,” according to an Ohio State University study on reverse mortgage motivations and outcomes. Published in the latest issue of the Department of Housing and Urban Development’s Cityscape: A Journal of Policy Development and Research, the study said both motivations reflect previous findings that reverse mortgage borrowers are likely to be “house rich” and cash poor.” The study used survey information collected as part of the Aging in Place (AIP) study, which looked at borrower motivations for seeking a Home Equity Conversion Mortgage as well as reasons for not getting one. The primary data set consisted of 1,761 senior households that received counseling for a HECM loan between 2006 and 2011 and responded to the ...