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Americans are broke. Here’s where

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Americans are broke. Will reverse mortgages get a second look?

Welcome back to the Industry Leader Update. On last week’s show, we looked at how older Americans are being crushed by higher homeowners insurance premiums and increasingly being rejected for credit loan applications. One viewer commented sharing his real-life experience. “I bought a home in Fort Myers Florida one year ago and the insurance was $1500. One year later it is $3,000 and my insurance broker said they’re sticking with Insurance Florida but this new year‘s renewal will be at $4500 so in two years it will have tripled, I own the home out right so I’m not required to carry insurance however the large number of hurricanes hitting Florida in recent years forces me to have insurance. HOA went up, so did taxes and utilities, and club membership.”

This story is being played countless times across the country. It then should come as no surprise that the majority of Americans are essentially broke. Not merely because of a lack of planning or savings but because of the spiraling costs of our day-to-day necessities such as insurance, prescription medication copays, or a mortgage payment.

PR Newswire reports that…

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Editor in Chief: HECMWorld.com
 
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
 
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
 
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

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  1. Thanks Shannon for this information. I have a client who is stuck in this very situation (HOA dues went from $250 to $400/mo at her condo and her only income is her $1,100 SS checks) and unfortunately I have exhausted all avenues to put her in a reverse to access home equity to keep her in her home, so she will probably lose her house unless she sells it. She missed some HOA and tax payments earlier this year so a LESA is required, so that eliminates a single unit FHA approval, and the HOA has refused to get the whole complex FHA approved for the past 10 years. What a sad state of affairs to find our retired adults in!


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