For the first time in generations, getting older means mortgage debt — and a lot of it (audio)

[marmar]

http://podcast.mktw.net/audio/20100629/rnrolderhomeowners062910/rnrolderhomeowners062910.mp3

[RKP5637]

1. I'm sure the elimination of social security taxes on them could easily fix all of this!

:sarcasm: :sarcasm: :sarcasm:

[AnnieBW]

2. I'm not surprised.

A lot of seniors bought second homes in warm areas, like Florida and Arizona. Also, a lot of them were talked into taking out second mortgages on their homes, or buying into "active adult" communities where they buy their own home. The one near us STARTS at $200K - down from about $300K at the height of the boom.

Granted, I want my parents to get into a senior community, but I know that they're going to run everything by their financial advisor before making any sudden moves. It helps that Mom worked in a bank, doesn't have Alzheimers, and is still really sharp.

[alfredo]

3. If I hadn't pulled out of the stock market when I did, I wouldn't

have had the money to to pay off my mortgage. I wasn't invested heavy in tech in 2000 so I was doing OK, but then bush "won" and I knew he would fuck things up.