I’ll take a stab in the dark at this and say that we boomers are being targeted.
I have little proof but, what do know is that when I have cable news channels on (something not unusual for boomers) there are a lot of commercials on TV for reverse mortgages.
Now I know why.
It’s because researches say that boomer/senior home equity reaches highest level in eight years.
We are paying off our homes and staying in them rather than doing what our parents did, moving to warmer climates.
Optimistic, I know, for the mortgage people at MPA saying this.
They also say that we will account for nearly one in every four dollars spent on housing in the next five years.
MPA has the research that says few Baby Boomers have intentions of downsizing or moving to warmer climates far from their families.
It makes sense from the mortgage people’s point of view to push the ‘reverse mortgage’ on us.
After-all, we have made every effort to pay off our mortgage before retirement and our homes most likely have equity built up in them. The result is money that we can borrow from them. Paying off these loans is another story when you are retired.
A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum, as a regular monthly income, or at the times and in the amounts you want. The loan and interest are repaid only when you sell your home, permanently move away, or die.
This could mean that when you die, your heirs could be responsible for paying off that loan.
The experts say that our children need to pay off the loan unless they do not want to keep the house.
Our children have a year to pay off the loan or it could fall into foreclosure.
You can choose to receive a lump-sum payment, amonthly payment, or a line of credit
There are no restrictions on how you use the remainder of the money
You continue to live in the home and you retain title and ownership of it
You are also still responsible for taxes, hazard insurance, and home repairs
However, you do not have to repay the loan as long as you continue to live in the home.
Instead, the amount you owe, based on loan payouts and interest on the loan, becomes due when you or the last borrower, usually the last remaining spouse, dies, sells, or permanently moves out of the home
More than one-third of older adults aged 65 and over were obese in 2007–2010.
Obesity prevalence was higher among those aged 65‒74 compared with those aged 75 and over in both men and women.
The prevalence of obesity in women aged 65–74 was higher than in women aged 75 and over in all racial and ethnic groups except non-Hispanic black women, where approximately one in two were obese among both age groups.
Between 1999‒2002 and 2007‒2010, the prevalence of obesity among older men increased.
By 2050, the number of U.S. older adults, defined as persons aged 65 and over, is expected to more than double, rising from 40.2 million to 88.5 million
America’s well-publicized weight problem and aging population of baby boomers is collaborating to bring about a change in the humble crash test … …read more