Idaho is the 39th most populated state, according to recent U.S. Census data, but it is seventh for the percentage of people 50 and older taking out a reverse mortgage, according to AARP.
There was a 93% increase in just nine years in the number of those 50 years old and up taking out a reverse mortgage. Nearly 7% of this group lives in poverty, the third highest rate in the western states.
AARP said 33% of those 50 years old and older—and 42% of those 65 and older—spend one-third or more of their household income on their mortgage payments. Furthermore, 14% of the 50 plus and 23% of the 65 plus groups spend half or more of their income on mortgage payments.
For low income seniors, 91% of the 50 plus group spends one third of its income on housing (99% of the 65 plus group), while three quarters of the 50 plus group (and 88% of the 65 plus group) spends half.
"Many have even been forced to borrow against their homes simply to make ends meet," said Jim Wordelman, state director for AARP. "Housing costs continue to eat up a significant amount of Idaho's 50 plus household incomes, and with soaring utility bills and health care costs, it can be an unhealthy combination for many."
