Debt is a difficult obstacle in anyone's life. It becomes even more difficult for seniors. When people reach their golden years, they want to spend time with grandchildren, travel and be able to worry less about money and bills than they did in their younger years. Here are some important tips for seniors looking to manage their debt in Nashua.
One of the first options for seniors with debt is to simply leave it alone. A lien can be placed against property, but the senior won't be kicked out of his or her home. The home will simply be sold upon their death in an effort to repay the creditors owed the debt. A good thing about this option is that if debt is left, upon your death it will simply be wiped away. It will not be left for family to handle.
A reverse mortgage has become a popular option for seniors with debt in New Hampshire. A reverse mortgage takes the equity from your home and turns it into monthly cash payments. It can also be turned into a lump sum payment or a line of credit that can be used when needed. This money can then be sent to creditors to pay down debt.
An obvious option is bankruptcy. Bankruptcy is not the end of the line for your finances if you are a senior citizen. You will still be able to enjoy your retirement. Be sure to consult with an attorney when going this route in order to create the best repayment plan for your situation.
Are you struggling with debt as a senior during what should be a care-free time in your life? Sit down and talk with an experienced debt relief attorney who can provide you with various financial options for your situation in Nashua.
Source: KeyBank, "Debt Management Tips for Seniors," accessed Nov. 03, 2017