Inflation is currently at 9%, everyone is impacted by the increase in costs for basic needs, such as food, gas for a car, utilities, and medical care.
Seniors are particularly hurting in this toxic environment because their incomes are “fixed” and if they have savings, it is not enough to pay ongoing expenses such as a mortgage or any installment loans, forcing more seniors to return to the workforce
But the jobs are typically hourly and low pay, barely enough to make a difference for them, especially after the government withholding, and may not make a “dent” in increasing income each month.
“A Kaiser Family Foundation analysis in late 2018 found that more than 15 million adults aged 65 and older, or about 1 in 3, are economically insecure, with incomes below 200% of the federal poverty line.”
Los Angeles Times/Business/ Amy Yee 7/25/22
Shocking, isn’t it?
But seniors who own their homes have $11 trillion dollars’ worth of equity, and this could be an option, a solution to financial scarcity if they and their families would be open-minded to the highly regulated reverse loan because it could be a solution.
What are your thoughts?
