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Annuity Watch

600,000 seniors face foreclosure

It's the final quote from a senior that says it all:

All our life we worked to be where we are and we're not there anymore.

Stephanie Armour writes in USA Today of the multiple crises that trouble mature investors and how it affects their ability to keep their home. To wit:

More than 600,000 seniors are delinquent or in foreclosure (on their mortgages), according to AARP. ... (And) even those who own their homes free and clear are finding they can't rely on equity as a retirement nest egg because home values have dropped severely, especially in retirement rich areas.

We hear stories like this all the time from clients visiting our corporate offices in Scottsdale, Arizona. It was in Arizona that Armour based her stories of actual seniors in danger of losing their homes. And there are few programs in the government or private sector that specifically target seniors with mortgage problems. After all, conventional wisdom tells lenders that their prime earning years are behind them.

So what to do?

Examine everything. Prepare for negotation. And know the TRUTH -- with all hidden fees accounted for -- about all of your investments and debt obligations. We are happy to help in that process. Taking the mystery out of your finances is what we do. You may not get back to where you were, but we can promise you a clear vision of where you are.