There are many reasons to celebrate our modern day healthcare. We are living longer & our quality of life is better today than at anytime in the history of the world. Doctors are performing medical procedures today that didn’t exist only a decade ago! New prescription medicine is saving hundreds of thousands of lives today in the United States. On average Americans can expect to live well in to their 80s. This is a great time to be alive!
There is a downside to this wonderful news.
The US Census defines the current life expectancy of the average American as a “Death Shortage”. Of all the people in the entire history of the world to ever reach the age of 65, 2 out of 3 of them are alive today. The cost of health care and retirement benefits of an aging population threatens to bankrupt the nation unless an effort is made implement changes in the very near future. Americans are retiring earlier and living another 20 plus years. According to USA Today, “This phenomenon — work less, collect more — has ripped a hole in the senior citizen safety net. The longer we live, the bigger the hole.
Living longer is great for our society; however it is a financial nightmare for the Government. They simply do not have the money. In only 2 more years, the first wave of the 76 million Baby Boomers will turn 65.
This will tax our healthcare even more!
So what can be done? I don’t know. I want to explore this issue and many other areas that will have a dramatic effect on our seniors and their children as we look into the future.
In the coming weeks and months, I want to provide some facts on ADRs. Adverse Drug Reactions. I want to look at how adult children of seniors are leaving the workforce to take on the financial and medical needs of mom and dad. I want to share the various benefits & programs that are available thru non-profits and local and state governments for seniors simply by asking for them.
Jack Wilkes
President
Home Reverse Mortgage
Blog from Seniors Home Reverse Mortgage President, Jack Wilkes, with information about reverse mortgages.
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Fast Facts
Reverse mortgages allow you to convert equity in your home into supplementary cash to use whenever, and however, you wish: as a lump-sum, monthly payment or as a line of credit you can tap as needed. The loan does not have to be repaid as long as you continue to live in your home.
The loan is backed and guaranteed by the Federal Government.
The home must be your primary residence.
Title to the property remains in your name.
No income, health or credit qualifications.
You do NOT make monthly payments. EVER!
Cash received is TAX FREE!
You own your home – no different than a traditional mortgage.
Social Security benefits and Medicare are generally not affected by a reverse mortgage – consult your tax advisor.
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