Wall Street’ and it’s current BIG PROBLEM is affecting every aspect of the American economy and virtually every single person in the country is experiencing some level of fear about the future. And if you happen to be a Senior who is relying on funds from a retirement portfolio, it is all the more disastrous. Seniors are generally on fixed incomes and if that money disappears, it can effect their very existence.
The purposed “Bail Out” for Wall Street and the very scary and very real problems that are happening in the economy are beyond comprehension. If you happen to be a Senior, trying to live off of Social Security (what a “hoot”, no one can live on it.) or relying on retirement funds, the current deplorable situation is extremely terrifying for them. They are wondering how they will survive.
They have worked hard all of their lives, been through WWII, the Korean War and Viet Nam, raised their families, paid their taxes and prepared for retirement by saving money. You know? Something that the current, greedy generation hasn’t done and now the “golden” egg, stinks.
The Sandwich Generation, those who are helping their Senior parents out financially or doing care giving, are really feeling the squeeze more than ever, now. Not only is there retirement portfolio disappearing but they are still trying to assist their parents and they don’t know what they are going to do to relieve the pain.
On top of the mess, many Seniors have been living off of credit cards or a traditional line of credit where they are obligated to make mortgage payments every month and now they are running out of money. And they’re also running out of time.
Seniors are turning to bankruptcy to relieve them of the debt and sadly many of them are losing their homes to foreclosure as well. It’s unbelievable that after all of the efforts to protect themselves, the sacrifices that the Senior community has made in trying to plan for their future, they are in a dangerous zone of reality and an undertow of uncertainty.
Reverse Mortgages can play the “hero” to a Senior and their family. The only concern would be that they still have enough equity to complete the loan, if not, then a Reverse Mortgage can’t save them either. Seniors and their families need to get past their fears regarding Reverse Mortgages and find out how they can literally save the “family farm”.
Read up on it by downloading Home Made Money from AARP.
This is a trying time for all of us, no doubt about that. Sadly, the supposed hero, “reverse mortgage”, is still getting less acknowledgment from anyone who can be saved. You have a long way to go Lorraine, good luck!