• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • WHO WE ARE
    • About Our Firm
    • Attorney and Staff Profiles
    • News and Events
  • Areas We Serve
    • Essex County, MA
      • Andover
      • Beverly
      • North Andover
    • Hillsborough County, NH
      • Manchester
      • Nashua
    • Middlesex County, MA
      • Concord
      • Lexington
      • Wakefield
      • Winchester
      • Woburn
    • Rockingham County, NH
      • Exeter
      • Londonderry
      • Salem
  • Services
    • Asset & Business Planning
    • Elder Law & Medicaid Services
    • Estate And Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Loss Of A Loved One
    • Pet Planning
    • Power Of Attorney
    • Probate and Trust Administration
    • SECURE Act
    • Special Needs Planning
    • Young Families
  • Elder Law
    • Coping with Alzheimer’s
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
  • Resources
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder law reports
      • Elder Law Resources
        • Elder Law Resources – Londonderry, New Hampshire
        • Elder Law Resources North Andover, Massachusetts
        • Nashua, New Hampshire Elder Law Resources
        • Woburn, MA Elder Law Resources
    • Estate Planning
      • Estate Planning Articles
      • Estate and Gift Tax Figures
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
      • Business Planning
      • Charitable Gifting
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Trust Administration & Probate
      • Wills and Trusts
    • Medicaid Calculator
    • Newsletters
    • Presentations
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Nashua, New Hampshire Probate Resources
        • Probate Resources – Londonderry, New Hampshire
        • Probate Resources – North Andover, MA
        • Probate Resources – Wakefield, Massachusetts
        • Woburn, MA Probate Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
  • Seminars
    • Live Seminars
    • Online Seminars
  • Videos
  • Contact Us
  • Blog
  • Reviews
    • Our Reviews
    • Review Us

DeBruyckere Law Offices, PC

Serving Southern New Hampshire & Essex Country, Massachussetts

Call us today(603) 894-4141

(978) 969-0331

Online Seminars
Attend Free Seminar
Home » Elder Law » Retired and Homeless

Retired and Homeless

June 23, 2015Elder Law

When we think of retirement, we think of having our homes paid off, maybe a bit of fishing, travel and time with grandparents. Unfortunately, for a growing number of retirees who are reaching their elder years, homelessness is a very real fear. Are we on the verge of a new trend of retired and homeless?

We know that millions of Americans face housing trouble. What many may not know is the elderly are struggling to make mortgage payments. Much of this stems from bad loans prior to the 2008 mortgage meltdown which was a big factor in the recession.

A full thirty percent of homeowners 65 and older, which equates to around 6.5 million Americans, were still making mortgage payments in 2013, compared to 22 percent in 2011. This, according to the Consumer Financial Protection Bureau, also highlights the median mortgage held by seniors that’s more than doubled since 2001. Today, it’s at $88,000 compared to $43,400 in 2001.

It gets worse; the number of Americans 75 and older still paying off home loans rose to 21 percent in 2011 from just 8 percent a decade before, according to Federal Reserve statistics.

aging in place

Because home values were increasing, which meant easier mortgage terms and lower rates, many older Americans refinanced their loans or leveraged their homes as collateral to get cash. When 2008 rolled around, many found themselves owing more than the home’s value. A 2012 study by the AARP found that 1.5 million Americans 50 and older lost their homes between 2007 and 2011.

Many wondered how retirees could qualify for new mortgages or refinances. With many of the lending restrictions loosened, mortgage lenders were able to repackage dubious mortgage as securities to be bought up by investors. This, naturally, drove the housing prices up as pressure on lenders was increasing. They needed more mortgages to keep the wheels rolling. When it crashed, elderly Americans with fixed incomes were left in the cold.

Some have turned to reverse mortgages, which may or may not be the right solution for their needs. In recent years, many clients and their families have sought legal guidance on whether or not these were the solution that would right the wrongs. The reality is everyone’s needs are different. In some instances, they are ideal. In others, it could lead to future problems. In recent years, the government, and specifically CFPB, has focused on lenders involved with reverse mortgages. That’s helped some, but for others, their situations are dire and feel as though it’s the only solution.

We encourage any seniors or elderly to speak with a qualified estate planning attorney. This will allow them to get a clear picture on what these mortgages can and cannot do and what it means for them long term. Not only that, but there may be other solutions they’re unaware of. Many are concerned about asset protection. That’s understandable.

To learn more about your options or to protect your assets, contact our offices today. We stand ready to help you navigate the uncertain financial dilemmas so that you can get back to the business of enjoying your retirement.

  • Author
  • Recent Posts
Daniel DeBruyckere
Daniel DeBruyckere
Attorney Daniel A. DeBruyckere has been practicing law in New Hampshire and Massachusetts since 1998, and has helped hundreds of clients with their estate planning and elder care issues. He is very well respected in the area of estate planning, probate, trust administration, elder law issues, and business planning.
Daniel DeBruyckere
Latest posts by Daniel DeBruyckere (see all)
  • Do I Need an Attorney to Administer a Trust? - January 26, 2023
  • How Using a Trust Can Protect a Valuable Inheritance - January 24, 2023
  • What Seniors Need to Know to Protect Assets - January 19, 2023

Other Articles You May Find Useful

Beverly elder law attorney
What You Need to Know about Osteoporosis
Elder abuse
When a Family Member Commits Elder Abuse
elder care
Planning for Elder Care
North Andover elder law attorneys
Understanding Alzheimer’s Disease
financial abuse
How to Protect an Older Loved One from Financial Abuse
Beverly elder law attorneys
When Is Guardianship the Best Solution?

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram

Blog Subscribe

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Testimonials

DeBruyckere Law Offices, PC footer

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
footer-logo

© 2023 DeBruyckere Law Offices
All Right Reseved.

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.