Home Equity Can Make A Huge Difference In Senior Housing Affordability Crisis
Seniors are finding it increasingly difficult to afford specialized housing and health care needs and a new study shows that home equity can be a major deciding factor for them, especially "The Forgotten Middle."
"By 2029, over half of the United States’ projected 14.4 million middle-income seniors (aged 75 and older) will not have sufficient financial resources to pay for specialized housing and health care needs," according to Reverse Mortgage Daily.
"This is according to a study released by Health Affairs, and authored by researchers at the University of Chicago, the University of Maryland School of Medicine, the National Investment Center for Seniors Housing and Care and Harvard Medical School."
The report was titled, "The Forgotten Middle: Many Middle-Incomee Seniors Will Have Insufficient Resources For Housing and Health Care." There are nearly eight million middle-income seniors in the U.S. and they are in danger of being able to afford both housing and health care, as most companies focus on higher-income seniors.
"According to the study’s findings, the ability for a senior to tap into his or her home equity helps provide a substantial increase to the possibility of affording these specialized services," reported RMD.
"Still, while access to housing wealth can be a difference-maker for many, it does not go far enough to solve the problem presented by a lack of affordability these increasingly necessary services have."
To learn more about how home equity can be crucial for seniors looking to afford specialized housing and health care, click on the image above.
