The top financial worries that weigh heavy on older Americans are increasing costs of living and unexpected medical expenses, according to a new report. Specifically, the 2015 report states:
"Financial concerns: The top financial worries that keep older Americans up at night are increasing costs of living (28 percent) and unexpected medical expenses (24 percent). Professionals express an even greater level of concern about unexpected medical expenses: Eighty-seven percent rank this issue as their top financial concern. Other financial concerns professionals have include not having enough disposable income (84 percent compared with 18 percent of seniors nationally) and being vulnerable to financial scams (83 percent compared with only 13 percent of older adults). Additionally, while less than a quarter of older adults anticipate needing support managing their finances as they age, the majority of professionals stress this will be a need (19 percent and 86 percent, respectively)."
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The internet is full of articles on Reverse Mortgages that focus on imagined or exaggerated negative features. Many authors fail to present all facets of a mortgage that can solve many problems for the seniors who are outliving their original retirement plan. Finally, the Huffington Post lays out some of the reasons that seniors might want to consider all of the benefits of the Reverse Mortgage. It is worth a read. Read more here