If you are among the first of the Baby Boomers to have a birthday this year, or if you are concerned about the well being of a loved one who has reached the age of 62, you undoubtedly are hearing of the reverse mortgage as an important option in financial planning for the retirement years. Reverse mortgages are fast becoming a major topic of conversation for financial planners, home health care professionals, and CPA's across the country. In the last ten years, reverse mortgages have grown into a multi-billion dollar industry, with senior homeowners taking out nearly 80,000 such loans during the last fiscal year. Moreover, boomers continue to balloon the size of the over 62 demographic set and will continue to do so until 2030 when ALL boomers will be 65 or older. At any stage in life, it’s important to stay informed about ways to protect your money and your credit. How smart of a consumer are you? Take the quiz below to see how smart you are about consumer issues and scams. When planning for life as a senior citizen, it would be smart to include Long Term Care on that bucket list. Statistics show that 70 percent of people over 65 will need long-term care services of one kind or another, and it can be very expensive. Medicare coverage will not pay for most of the long-term care services that may be needed. There are federal public programs, such as the Older Americans Act, that pay some long-term services, but like Medicaid they target people with the most functional and financial need. People are having to make tough financial choices today, but many don’t have to wreck their credit scores if they know how the system works. With the same amount of money, you can make decisions that kill your credit score or ones that keep your score – or at least give you the ability to rebuild your score quickly later. Most people have wrong or little information about how the system works, and that’s a big reason scores go down when difficult decisions are made during a recession. There are three common misconceptions that needlessly lower credit scores. |
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Pennsylvania Association of Community Bankers
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