Retirees and Household Debt

Retirees and Household Debt Household debt among retired people has increased in recent years, according to data from Next Avenue. Around 60% of 65+ households carried debt in 2016, up markedly from about 42% in 1992. Credit card debt and student loans have increased as well. One of the most stressful debt type for older…

Is a reverse mortgage right for me? Financial Planning by Steven Merrell, Monterey Herald. Q I recently saw a TV commercial advertising reverse mortgages. My mortgage is almost paid off. Is a reverse mortgage a good idea to help me cover my living costs? A If you are at least 62 years old and have…

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**The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, you are required to consult with a qualified independent housing counselor and include family members and other trusted advisers before making this decision. This information is not from HUD or FHA and was not approved by HUD or any government agency.

Retirees and Household Debt

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