A new poverty report by the U.S. Census Bureau shows that the senior population suffers far more from poverty than previously thought. The report indicates the poverty rate for seniors in the U.S. at 16% versus the previous measure of 9%.
With the higher costs of living and higher costs of medical coverage it is evident that seniors are having a hard time covering these costs. What can help seniors (62 or older) live a better retirement and avoid poverty levels of living is with a reverse mortgage. A reverse mortgage gives seniors the ability to access the equity they have built up in their home. Seniors can then use that equity from a reverse mortgage to pay for the daily necessities avoid living in poverty level conditions.
To read the full article about seniors living in poverty please check out it out here.