In the New York Times today is an article about the impact of the declining housing market on Seniors. Seniors who depended on the equity in their homes to take care of them as they age. Seniors who can't sell now and are forced to stay in homes that are to expensive for them to maintain now, are too large and they are way past the time to move on. The effect on children as well is increasing.
Seniors Having to Stay in Place, here.
Reverse mortgages can sometimes be a great alternative for these seniors. It is not always the best option, but it is one that should not be discounted.
I recently helped out a senior with a similar circumstance.
Posted by: Dean Curtis | January 03, 2010 at 06:53 PM