Chapter 9 Study Guide

Chapter 9 Study Guide - -Home equity conversions and...

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Chapter 9 Financial Status of Elderly - SES, race and gender all combine to project financial status in old age, especially triple jeopardy - 1 in 6 house holds had income lower than $15,000 in 2000 - 13% of older households have no other income than social security - Decrease in funding for social programs puts older adults in precarious position Cumulative Disadvantage - disadvantage gets more pronounced with age Home Ownership - majority of Americans save very little for old age or have financial assets - house hold debt is at an all time high - 78% of older adults owned their own homes in 1996, but maintain high utility costs and property taxes keep home ownership expensive, known as “house rich, cash poor”
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Unformatted text preview: -Home equity conversions and reverse mortgages can provide income for those who want to age in place Mobile Homes-90% of the people of the age of 50 own their own units (half of the people)-Many live in mobile home parks in Florida and California-Doublewides are growing in popularity with an average price of $37,000 in 1992, recently prices have dramatically increased due to inflation Home rental-Renters dont pay property taxes or maintenance but are subject to inflation and to enforced living conditions than home owners-There is a huge income difference between home owners and renters: 21gs vs. 10gs-Affordable housing for older adults is difficult to find, (renters)-...
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