First created by President Kennedy in 1963 as Senior Citizens Month, May was designated as the month to recognize and celebrate the achievements of the older members of our communities. Each year has a designated theme. This year, the theme is Safe Today, Healthy Tomorrow.
When first established, the census reflected only 17 million people in the US aged 65 and older. That number has risen to 43.1 million in 2012 – 13.7% of the country’s population. This number is projected by the census bureau to reach 92 million by 2060 – over 1 of every 5 US residents will be age 65 or over. It made sense years ago to establish 65 as the retirement age. Now, with so many living a longer, healthier life, 65 can represent the beginning of a new and adventurous stage of life.
In order to maintain a happy, active lifestyle, seniors need to protect both their physical and financial health. Many will want to adapt their home to provide for safer access and mobility. Falls are a major concern for many in the senior population.
In the US, almost 81% of householders 65 and over owned their homes as of the 4th quarter of 2013. It makes perfect sense to use equity that has been accumulated in the home to help accommodate life’s changes and maintain a desired standard of living. This is where the Reverse Mortgage program has helped many to enjoy their senior years.
Reverse Mortgages can provide funds to renovate a home to adapt to changes in life as we age. Proceeds can be used to supplement income or preserve assets during lower earnings periods on invested funds. Paying out an existing mortgage can improve cash flow by eliminating the monthly payment. A Reverse Mortgage can fund health care needs or simply provide the means to live without the financial pressure that many retirees may feel.
Let us help you determine whether a Reverse Mortgage may be right for your future – after all, after 65, there’s a whole lot of living left to enjoy! Let us help – it’s all about a better life.
Charlene Turner, Mortgage Consultant & Reverse Mortgage Specialist (NML# 456052), Tidewater Home Funding