What if your parents have no retirement savings? This is an issue that a Reddit user is currently dealing with. His parents are Baby Boomers who, he says, exhausted their funds five years ago - although they only told him when they were on the brink of homelessness. Because of health problems and age-related constraints that make work impossible, the user stepped in to support them and to manage their finances.
A Home Equity Conversion Mortgage (HECM) is the most popular form of a reverse mortgage. Insured by the Federal Housing Administration (FHA), it allows cash-strapped seniors over the age of 62 to convert a portion of their home equity into cash, equal payments stretched out over a period of years, or a home equity line of credit, to use when the need arises.
They have very little savings and are barely making it on $2,200 per month from Social Security and minimal income, struggling with bills.
I wish I could say I was surprised Cuomo canceled his visit to the Peter Cardella Senior Center rather than face working-class New Yorkers hurt by his policies, but the former governor has spent his entire mayoral campaign dodging public scrutiny.
