By George A. Downey

As America’s population ages, family caregiving has become a central – and often underappreciated – feature of retirement life. Research summarized by Jonathan Delozier of the Boston College Center for Retirement Research, drawing on recent Pew Research Center findings, highlights both the scale of caregiving and the financial pressures it places on households.
Approximately one in 10 U.S. adults provides care for a parent age 65 or older, with caregiving becoming far more common as parents reach their mid‑70s and beyond. Among families affected, caregiving is not limited to occasional help. Most caregivers regularly assist with errands, household upkeep, healthcare coordination, and financial management, and a meaningful share provide ongoing personal care. These responsibilities often persist for years.
The burden of caregiving is not evenly distributed. Women and lower‑income households are significantly more likely to assume caregiving roles and are also more likely to report negative impacts on emotional health, physical well-being, finances, and careers. While many caregivers report stronger relationships with the people they help, the broader costs – lost income, higher out‑of‑pocket expenses, and reduced financial security – are substantial.
At the same time, the research reinforces a clear preference among older adults to age in place. Most Americans over 65 live in their own homes and would prefer to remain there, receiving care at home rather than moving to assisted living or relying entirely on family members. Yet confidence in being able to afford in-home care is limited, particularly given low levels of long‑term care insurance coverage.
This gap between preference and financial readiness brings housing wealth into sharper focus. For many older homeowners, home equity represents their largest asset – often exceeding the value of retirement savings. However, it is frequently excluded from financial planning discussions until a crisis forces difficult decisions.
Reverse mortgages, including FHA‑insured Home Equity Conversion Mortgages (HECMs) and more recent non-insured proprietary programs are solutions for homeowners age 62 and older to convert a portion of their home equity into accessible funds without requiring monthly mortgage payments. When used appropriately, these funds can help pay for home care, reduce financial stress on family caregivers, or preserve other retirement assets.
As Delozier’s analysis suggests, the growing reliance on unpaid family caregivers has meaningful implications for retirement security and public policy. For families planning proactively, integrating housing wealth – alongside savings, pensions, and Social Security– can expand the range of options available to support aging in place while reducing the emotional and financial strain on loved ones.

About the Author: George Downey, CRMP (NMLS ID 10239) is the Regional Senior Vice President of The Federal Savings Bank branch located at 100 Grandview Road, Suite 105, Braintree, MA 02184. Contact Mr. Downey at 781-843-5553 / Cell 617-594-3666 / gdowney@thefederalsavingsbank.com, www.thefederalsavingsbank.com/georgedowney