BC mortgage brokers are not all the same. As a BC mortgage broker and a writer, the author has a deep insight into the BC mortgage market. Check out his BC mortgage rates at his blog.
In a 2004 economic study prepared by the Urban Institute for AA (formerly the American Association of Retired Persons), authl Barbara Butrica and Cori Uccello contend that Boomers will am, more wealth in real terms at retirement than will the two previous gen ations.s Median household wealth at age 67 will grow from $448,0 among current retirees to $600,000 among Boomers. Income at reti ment is consistent with trends in wealth at retirement, the study sho’ Projected household income at age 67 will incr,ease from $44,0 among current retirees to $65,000 among boomers. As with weal there will be income disparities among older and younger Boome N onretirement income is expected to decline between older a younger Boomers.
However, other researchers, including Larry Cohen, director of 1 Princeton, New Jersey-based Consumer Financial Decisions, wonde Boomers, given their spending history, will ever get to the tradition retirement years with any real assets.
”As the cohort responsible for the explosion of credit use in the 1980s and 1990s, Boomers are hardly likely to forgo immediate gratification their later years,” Cohen said. “The trend among seniors will only exacerbated when the Boomers enter retirement age and need a reverse mortgage. The convenience of credit card use with the occasional slip into revolving along w leveraging their assets for around the world tours or trips into sp, mean that the more responsible Boomers will have credit insurance cover their inevitable demise. The rest, who are not so wealthy that they simply can afford that type of lifestyle, may wind up bequeathing their debt as their legacy instead of the trillions that they inherited.”
A reverse mortgage is a home equity loan without a payment. You do not repay the loan as long as the home remains your principal residence. Your income and credit rating is not considered when qualifying for the loan. The writer is a reverse mortgage expert.