The economy is not doing well. We are in the real estate and mortgage business in Clarksville, Tennessee. We hear of lenders going out of business everyday and laying off thousands of employees. Construction and manufacturing are starting to feel the pinch. It is a domino effect. Senior Citizens are on a fixed income, and really hurt as the prices rise on food, gas, insurance--all the things necessary for day to day living.
Seniors do have an advantage if they own their home and have a mortgage that is less than 60% of the home's value. They can take out a reverse mortgage, never make a payment, and continue to live in their home as usual..
