Two -thirds of the seniors are unhappy with social security checks

“Part of the problem is the almost inflammation of pensions for employees in the private sector, which means that seniors are increasingly dependent on social security to finance their pension costs,” Chris Motola, financial analyst at NationalbusinessCapital.com, told the outlet.

Almost 73% of the seniors depend on more than half of their income on social security, with 39% of the respondents reporting that it was their only source of pension income.

The adjustments to the costs of lives TSCL survey Bleek.

“In particular, housing and transport costs have risen faster than inflation in the past 15 years, which is especially difficult for seniors who rent their homes or live in areas with a low walkability,” is the report.

For years, Reverse mortgage lenders have hit the drum that a Hom sharing conversion conversion (HECM) product could benefit seniors who struggle with higher costs and fixed income.

Financing of America In April a new advertising campaign focused on financial flexibility and quality of life. And Longbridge FinancialThe second largest patented reverse lender, expanded his product suite in June with a new home Equity-credit option for seniors aged 62 and older. With the new product, borrowers are access to $ 50,000 and $ 400,000 per draw at a fixed rate, depending on factors such as home value, pledge position, title, credit profile, verified income amount and available equity at the time of the application.

There are more flexible qualification criteria designed to make sources with fixed -income incomes such as retirement or disability benefits; an “open credit line” with which borrowers can draw between 80% and 100% of the available funds at a fixed rate; And an option to “rearrange any paid main payments to a maximum number of 25 will attract for a period of 10 years.”

The product does not include a pre -set adult date.