Happy New Year's Day! Did you know that today is also Baby Boomer Day? The baby boomer generation started off with the first person to be born on January 1st back in 1943 (widely recognized as being Kathleen Casey-Kirschling). And today is the day that the entire generation to follow her is honored.
But not all about baby boomer life is something to be celebrated. Recent reports indicate that baby boomers have a lot on their plates and a lot of concerns for their futures. The most important of these is health and anti-aging. But running a close second to that are the fiscal concerns of baby boomers. And unfortunately, many baby boomers aren't doing anything about it.
A recent report at InRich.com has found that most baby boomers are still spending as though they are in the early days of their careers. And, of course, they aren't. In fact, most of them are nearing or past retirement. And that means that the debt they're racking up doesn't have much hope of being paid off.
Enter the boom in the reverse mortgage market. Many baby boomers are finding that they need to seek out alternative methods of paying off the debt that's been accumulated. And they're also finding that they need a new source of income to support the spending that they don't have the will to stop. The reverse mortgage is paving the way for baby boomers to resolve both of these issues.
Question of the Day: Do you think it's a problem that baby boomers are using the reverse mortgage to continue spending or is it a good solution to the desire to want to have your cake and eat it too?
