Moneywise On Oneplace.com

“The prudent see danger and take refuge, but the simple keep going and pay the penalty.” - Proverbs 22:3That verse is all about how critical it is to look ahead and spot potential problems so you have more time and resources to fix them before they happen. Harlan Accola joins us today to discuss the dangers of keeping mortgage payments into our retirement years.Harlan Accola is the National Reverse Mortgage Director at Movement Mortgage, which is an underwriter of this program. He is also the author of Home Equity and Reverse Mortgages: The Cinderella of the Baby Boomer Retirement. The Changing Landscape of Retirement and DebtToday’s retirees face a vastly different financial landscape compared to previous generations. In 2024 alone, 4.2 million people will turn 65, and more than 50% of them are still making mortgage payments—the highest percentage in history. This contrasts sharply with previous generations, where fewer than 5% of retirees carried mortgage debt into retirement.Several factors contribute to t