It seems to me that almost every day I’m seeing another article about how the financial crisis is effecting the senior community. It should come as no surprise, that they are struggling probably more than the younger population with the economic meltdown.
Many of them had counted on investments, savings or possibly selling their homes to fund their retirement and expenses. With housing values continuing to drop in many instances, they are unable to retrieve anough equity after the sale of the property, to make selling the house an option.
And moving in with their “kids”? That’s not an option either, as in too many cases the adult children are finding themselves unemployed and in foreclosures and unable to help their parents.
More seniors are finally getting past their fears about Reverse loans…it’s the only solution to their dilemma. And fortunately for them, they have it. The only possible issue that could prevent them from moving forward, would be if they have a huge loan against the home and the market value is too small.