Reverse Mortgage Payment for Retirees
Do you think that reverse mortgage may be a good thing for retirees? Read this article and you will get a better idea.
There are large numbers of retirees all over the world and most of them are not given special attention by the government. Some of them are facing the risk of losing their home in their golden years. If you will think about this problem, it is very unfair for these people to lose their in the gage when they cannot do anything to earn money and pay for their mortgage loan.
With higher interest rates of banks and lending institutions, it is very unfair for old people to pay this kind if huge interest rate. In the United States there are growing population of senior who are still losing their home because of foreclosure and it is sad that the government is not doing the best that they can to protect these people. One of the main reasons for this crisis is the increase monthly mortgage payment. Higher rates are too much for seniors who only have fix and very limited income.
The American Association of Retired Person is expressing their anxiety about this high interest rate for seniors. Actually, there are 27% of US senior citizens who are at risk of losing their home. There is an increased risk for seniors to lose their because of increasing housing expenses, expensive medical expenses, increase energy prices, and credit card debts. Higher cost of living makes these seniors defenseless against foreclosure. All of these problems make their life harder.