Americans are broke. Here’s where

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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1 comment

Steve Bentler August 3, 2023 at 8:28 am

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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