The Consumer Financial Protection Bureau (CFPB) is warning that the percentage of elderly still making mortgage payments has soared by nearly 50%. With a five-fold increase in the rate of delinquent mortgage holders age 65-74, seniors put themselves at risk of losing their nest eggs and their homes.
At exactly the time when they face health problems, cognitive impairment and difficulties returning to the work force, seniors have a harder time recovering (CFPB).
Those of us in the “sandwich” generation who feel that they may want to contribute to the support of our parents should plan as early as possible for these contingencies.
Financial Advisor Magazine, June 2014