HLTH 2901 Lecture Notes - Lecture 1: Baby Boomers, Reverse Mortgage
Document Summary
In 2009, 4 of 5 elders owned their own homes. 3 of 4 elders live in metropolitan areas. When paid off, you have equity - cash value for your home. Interest - what you are charged to borrow money. Fixed interest rate - no changes, it stays the same for the given amount of time, includes a down payment and closing costs. Companionship, help with daily activities, higher household income. 2/3 of elders live in a "family setting" Only a small proportion of elders reside in nursing homes (3%) Older people have completed fewer years of formal education than younger adults. Baby boomers are the most educated cohorts in history. Educational attainment differs by race and ethnic origin. Medicare and social security make elders less financially vulnerable. Social security was never meant to be sole source of support, meant to be extra. Created medicare part a and medicaid as an amendment, 1965.
