Question

Describe the financial status of elderly Americans, how it varies by race, ethnicity, gender, and marital status, and the significance of homeownership to the financial well-being of the elderly, including the option of reverse mortgages.

Answer 1

Aansun elderly are entering a period full of predicaments now. An ageing population, means that the social security burden is increasing in the government. Also increasing average life means longer dependence on social security.

Black Americans are worse off compared to white Americans. Married Americans are better off than unmarried ones. Males are more financially secure.

Home ownership plays am important role as it saves a lot of money that would have otherwise gone into rent or mortgage payments. Reverse mortgage is a good option. However, housing prices are volatile and people are living longer. This might make signing off reverse mortgage loans more subjective. One cannot rely completely only on reverse mortgage.