The fastet-growing homeless population? Seniors

An article for the Orange County Register highlighting the increase of Seniors becoming homeless. Link

“California accounts for about a third of the nation’s homeless people, and among this population, seniors are estimated to be the fastest-growing group. One key indicator is the state’s tally of people accessing homelessness services. From 2017 to 2021, California’s overall senior population grew by 7% but the number of people 55 and over who sought homelessness services increased 84% — more than any other age group —  according to the state’s Homeless Data Integration System.”

“Those at increased risk of losing shelter tend to be older adults who live alone and on fixed incomes, with little to no savings. A main contributor, experts say, is that as California rents soar, seniors’ income streams, including Social Security benefits and Supplemental Security Income, have not kept up.”

“There is no medicine as powerful as housing,” Dr. Margot Kushel of UC San Francisco’s Benioff Homelessness and Housing Initiative said.

The bottom line is the Reverse Mortgage can be used as a proactive financial tool to protect homeowners against the rising costs of rents and preserve there standard of living in the senior years.