None of us can pick up the newspaper, turn on the television, or go online without being reminded that we are facing a financial crisis unlike any seen before in our history. However another crisis is seldom discussed and it affects everyone; mainly the largest growing population in our country.
Older Adults!
How are they going to pay for care or services during their
“Golden Years”?
This is the crisis nobody wants to discuss and it’s going to affect our parents, grandparents, favorite aunts and uncles, even the adult children. The rising cost of medical services, medications, insurance, taxes, and everyday needs are taking a toll on our older adults and the current financial crisis has certainly added fuel to the fire.
5,574 Americans turn 65 every day
That means 167,220 would turn 65 in a 30-day month, and over 2 million each year. It is numbers like this that point directly to the potential of a major crisis. How are all these people going to be able to afford their AGING?
What role will home equity play in funding
retirement needs and long term care?
About 82 percent of seniors are homeowners and among those 74 percent have no mortgage, which means over half the net worth of seniors is tied up in their home (over $2 trillion). Once seen as a last resort or for those desperate, more seniors turning to home equity as a solution to the crisis going on in their lives; using their homes to help pay for retirement needs, maintaining lifestyles, or even planning for long term care.