But don’t get excited about this awesome news, because it’s only increasing 2% which on the average, will boost up benefits 20 to 25 bucks a month.
Just imagine how you could spend that extra money you will be receiving beginning in January of next year. Ummm, let’s see? I can think of a number of thrilling possibilities.
New tennis balls in lots of different colors for your Walker. Or extra money to blow at the Dollar Tree Store where one can find so many awesome deals, especially the junk from China.
Or maybe a couple cocktails at a Denny’s restaurant where you can get a Senior Discount when you order some of their nutritious food.
“Yes”, I am being sarcastic I know. But really only 2% increase?
I may look very youthful in my picture on this website, but I’m a senior too and if I wasn’t working I would be standing on a street corner begging for money and food.
I’m lucky however, because I enjoy being a Reverse Loan Consultant and meeting many wonderful and amazing people who are considering using the funds from a Reverse loan to pay for medical expenses ( I just had a partial knee replacement in August.), home improvement, care giving or maybe simply taking that long “talked about, one day we will go to Maui” and finally doing it.
The number one concern of everyone, but especially seniors is out-living their retirement funds ( If they have any) and not being able to afford to remain in their home for the rest of their lives.
But there is an option, a wonderful option and no one should be “scared” to look into the FHA government insured loan program just for seniors affectionately referred as the HECM.
Its smart to find out if you would benefit from it or not, plus it’s better than being reduced to groveling each month for enough money to pay on going expenses and staying awake at night in a state of fear.
Oh and by the way. I have a Reverse loan on my home that I used to pay off two mortgages I had at the time during the height of the Recession and Financial “crash”. So unlike the majority of any of my competitors, I’m qualified about the advantages of using the loan because of my own experience.
And I’m glad I did. It was a great decision at the time and I don’t regret it.
If I hadn’t taken advantage of using a Reverse mortgage for my own situation, I would have lost my home in a foreclosure as I was quickly running out of money.