Selling can clear a large chunk of debt, although there may be a shortfall if the property is still in negative equity. Owners may also lose rental income, which is a vital component of their post-retirement income.
Ms Burton says it would be a “social disaster” if lenders were to repossess homes of older people who fall behind on their payment. The Government should devise “a structure whereby people in this situation can address the difficulties they have, but not in a way that leaves them homeless,” she says.While the issue is at its most acute for those in arrears, advocacy groups say many who are up to date on their payments may carry significant debt into retirement. They may then struggle to clear debts and maintain their standard of living.
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Source: IrishTimes - 🏆 3. / 98 Read more »
Source: IrishTimes - 🏆 3. / 98 Read more »