Seniors ETC - In-home senior, parent, companion care, hospice support in Colorado

The news in all the papers and across the television is nothing but bad. The mortgage industry is in one of the biggest crises - what does it mean for our future?

In the case of reverse mortgages, they are still a viable option for some seniors that own their home, yet find themselves running short of cash each month. 

According to the Senior Journal, the very nature of reverse mortgages doesn’t put them in the same category as traditional mortgages. Because you are getting the equity that has already been built up in your home, the new rules in the mortgage industry don’t apply in the same ways. If you have a larger, high valued home, you may be limited to the amount of reverse mortgage you can take. But in most cases, it still may be a solution for you. Check with your mortgage representative for more information.

According to the Federal Reserve Board’s 2004 Survey of Consumer Finances, as much as 75 percent of the average senior’s annual income is used to pay debt payments. That’s a pretty scary number, especially when more of their income ends up going to health care related issues.

A recent article, What To Do When Your Parent Is In Debt can help you decide exactly how to help your parent facing this ever-growing crises.

One of the most important things to remember is your parent’s debt is not your debt. Unless your name is on the credit card, loan or mortgage, you are not legally responsible for it. Likewise, if your name isn’t listed, you can’t have contact with the debt companies - your parent will have to contact them him or herself.

What have been your experiences?