Without their refreshing COLA, will more seniors seek a Reverse Mortgage?

A different and uncertain future lies ahead for the millions who depend on their monthly Social Security checks as their main source of income. For the first time in decades, the standard cost-of-living increase will not be added to the monthly social security payments that are collected by seniors over the next several years.

With rising health care costs coupled with the economic downturn, most seniors are already struggling to maintain their standard of living. Until recently, these individuals were dependant on the up coming cost-of-living adjustment (COLA) but will be forced to find alternative means of maintaining their financial position.