Many seniors expect that by the time they reach a certain age, the process of getting a mortgage will be a thing of the past. However, financial circumstances may dictate otherwise. Some seniors don’t purchase a home until later in life; others may opt to downsize into a small home, which necessitates the need for a mortgage. Getting a mortgage as an older individual can present some unique challenges – the biggest being the fact that most seniors do not have a salary. Understanding just what those challenges are going into the process can help a senior to get the best mortgage for their specific situation.
The picture often painted of senior citizens is one of a grandmother or grandfather type sitting around waiting for family members to stop by for a visit. However, this is no longer an accurate depiction. Today’s seniors are more active than ever before, discovering that they have the energy, gumption and willingness to try new things in their older age. As such, there are a number of very competitive and highly-regarded senior athletes that are making the case for being active in old age.
In May, we mentioned that all seniors should have a fall detection wearable. These wearables can detect if you or a loved one has had an accident and notify the appropriate caregivers and authorities of the accident. The broad category of these devices is called “medical alert systems“. Unfortunately, it’s quite difficult to select a medical alert system. There are dozens of products out there, each with dozens of features. Our focus today is providing some clarity on what these systems do and how to think about selecting the best one for you.
Happy Fourth of July! We are back this week with tips on health and wellness. One thing we’ve heard from you is that you really appreciate articles where the to-do’s and tips are clearly actionable. Unfortunately there are many articles out there that are too general and leave readers confused. So we’ve gathered some of the best tips that we’ve seen and have heard from the experts into a list of actionable tips you can start doing today!
As we age, the potential for injury increases and our bodies’ ability to rehabilitate decreases. It’s a crucial to evaluate ways that we can remain safe and live out our golden years without accidents. Over the past weeks, our team has been scouring the internet for the best list of actionable tips. Here is what we’ve found. We hope this will be helpful in keeping you safe!
One of the questions people frequently ask us at Ovid is “can I sell my life insurance policy for cash?” The short answer is yes. But only certain people can qualify to sell their policies and there may be other options to consider. Many people find that their old life insurance no longer serves the original purpose they bought it for. So for some people, it makes sense to sell the policy for money instead of continuing to pay the annual premiums.
One of the best things about retiring is getting away from the hustle and bustle of a daily schedule. Travel, in fact, is generally at the top of most retiree bucket lists. Today’s seniors are not just limiting their travel to the few budget-friendly, one-tank trips around the local region. They are venturing out further, seeking adventure at every turn. In fact, read on to find out where today’s seniors are having fun and enjoying their golden years.
Work from home gigs are perfect for retirees that want to slow their pace, but need to put a few extra dollars in their pocket each month. However, choosing the ones that are legitimate and a good fit for a retiree can be a challenge. After all, there are a number of work at home scams that can cost you precious monthly income only to get nothing in return. Consider these more legitimate ways to add some cash to a monthly fixed income after retirement:
We now know that over half of 65+ adults use the Internet, and this number is steadily on the rise. With a steady increase in mobile options, including tablets, smartphones, and e-readers, the older population in America is gradually becoming more tech-savvy. According to data from the Pew Research Center, 27 percent of the 65+ seniors living in America own tablets or e-readers, while 18 percent own smartphones. For this tech-savvy elder population, there are a variety of applications designed to help them stay socially connected and physically healthy as they age.
As parents or grandparents, we want to help our families in any way we can. However, when it comes to debt, we have to be very careful. Despite our best intentions, it can be easy to make the problem worse. Many parents and grandparents simply give money when asked, but this can just turn you into an enabler and does not solve the underlying issues. As an old proverb once said: “give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime”.
This week, we’ve consulted with a multitude of financial experts on this issue. Here are the top 8 tips on how to provide financial assistance to your family the right way.