From The "We Totally Saw That Coming" Files

The government is moving to head off a growing problem with its reverse mortgage program. Large numbers of elderly borrowers--perhaps thousands--face possible evictions from their homes because they've stopped making property tax and home insurance payments. While homeowners with reverse mortgages are freed from mortgage payments after taking out the loans, they remain liable for property tax, home insurance, and maintenance expenses. Failure to make these payments can trigger foreclosure and possible eviction.

 This was questionable practice to begin with, but already we have several of elderly citizens circling the drain, and no break in sight.  In fact, according to many, times are only going to get worse.  HUD has demanded the reverse mortgage industry to provide detailed reports on how many and how severely delinquent these accounts are, and there is no such thing as a good outcome.  Unverified reports estimate that as many as 20% of accounts are delinquent to some degree.

This is one of many markers showing a new fear for my generation.  In fact, more than one article has printed discussing women from working class up to the top of the chain (Katie Couric, for example) who fear that their financial security will disappear, and they will live day to day, or like a bag lady.  While women have taken a relatively new role in the workplace, it's already been pointed out that equal pay and benefits are not a reality for most workers.  In fact, women still work harder and longer hours for less pay.  This fear is a valid one, and no solution is on the table.

We have a long row to hoe, ladies and gentlemen.  But the longer we take to work towards a solution, the longer it will take for us to climb out of the hole we are digging for ourselves.