The nation is facing financial trouble and everyone has to figure out what to do about it. The people who are most greatly impacted by the rising costs of everything from fuel to milk are those people who are living on a fixed income. In other words, the nation's seniors are suffering because of rising costs that aren't offset by a rise in income.
The reverse mortgage is one obvious solution for seniors who are trying to figure out how to deal with this issue. One report indicates that reverse mortgage lending may have already doubled since last year - and we're only halfway through 2008!
Seniors are opting to think about the future, pay off bills immediately and try to change their habits in order to reduce spending. The reverse mortgage can assist them in paying off those bills and planning for the future without requiring them to make drastic changes to their situation today. This makes it a good solution for a growing number of people.
Question of the Day: How much will reverse mortgage lending have increased at the end of 2008 as compared to 2007?
