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Archive for March, 2012

Finding themselves financially strapped, more seniors at an earlier age are trying to get reverse mortgages on their homes in order to survive, according to a new report.

The study says the percentage of people aged 62 to 64 applying for reverse mortgages has increased 15 percent since 1999.

The reason for the dramatic upswing among ‘younger’ seniors is simple, the report concludes: They need the money.

“The average age for taking out reverse mortgages has been around 71,”  explains Sandy Timmerman, director of the MetLife Market Institute who conducted the survey with the National Council on Aging.

“But with job losses, higher debt and living costs, more and more of the ‘younger’ seniors are looking at reverse mortgages as a way to pay their bills and keep their homes,” Timmerman adds. “It shows the devastation some seniors have gone through since the financial downturn.”

Read the full article on CNBC

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A $698,000 grant from the John D. and Catherine T. MacArthur Foundation will help the LeadingAge Center for Applied Research assess whether affordable housing settings can serve as effective platforms for meeting the health and long-term care needs of low-income older residents. The groundbreaking research project will also reinforce 3 of the LeadingAge Leadership Imperatives.

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It’s easy to submit a LeadingAge Awards entry. Simply fill out the online nomination form and answer a few questions telling us about the person’s or organization’s achievements and why they merit the award.  The nine award categories are Award of Honor, Excellence in Leadership, Excellence in the Workplace, Innovation in Care and Services, Hobart Jackson Cultural Diversity Award, Dr. Herbert Shore Outstanding Mentor Award, Excellence in Research and Education, Public Trust Award and Outstanding Advocacy Award. Nominate a person or organization that is making a difference. Submit entries online by April 30.  Contact: Deborah Cloud at 202-508-9458.

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