Retirement often brings new financial challenges and for many senior citizens managing debt remains a significant concern. According to this research from MarketWatch Guides, a substantial percentage of seniors are still repaying loans even after retirement.
Key findings include:
- Debt Levels: Adults aged 65 to 74 carry an average of $134,950 in debt, while those aged 75 and older have an average of $94,620
- Medical Bills: 68% of seniors didn't fully pay their medical bills, expecting health insurance to cover the costs. Additionally, 44% were uncertain about the accuracy of their bills
- Medical Debt: In 2020, the average American over 65 had $13,800 in medical debt
These findings highlight the importance of providing tailored financial solutions to senior clients. A reverse mortgage can be a valuable tool to help senior clients by offering them the support they need to manage their debt effectively in retirement.
To learn more about reverse mortgages or if you have a loan scenario email reverse@plazahomemortgage.com.
