How Would The Government Shutdown Affect Seniors?

The impending government shutdown became a reality at midnight on October 1st and many seniors are wondering how it would affect them.  Here are some ways the government shutdown may or may not affect you and the rest of the country:

Social Security – Fortunately, Social Security checks will still be delivered; however, it may be delayed due to the reduced number of workers. For those who are looking to apply for Medicare or Social Security may expect delays as well, as the furlough may slow down the process of new applications.

Mortgage Market – During the shutdown, many people are concerned about the status of the mortgage market, especially since that 90% of all loans are underwritten, insured or owned by the government and their affiliates. At this time, the mortgage market, including your reverse mortgage will still be processed, however, with many agencies closed, the process to close the loan may take longer than usual.

Travel – For those who are traveling during this time, be aware that National parks around the country will be closed to visitors, such as Yosemite and the Grand Canyon. If you are nearby popular sites, such as the Smithsonian Museum, Statue of Liberty and National Zoo, please note that they will be closed as well. During this time, you can still travel by air as Federal air traffic controllers and most TSA agents will still show up to work. However, you may expect the lines to be longer at security check points.

Taxes – If you are one of the many who requested a 6-month extension on your taxes, there does not seem to be a change to the current deadline of October 15th.

Food stamps – For those who are enrolled in SNAP (Supplemental Nutrition Assistance Program) and worried about how you will pay for your food, you will be happy to know that you will still continue to receive your benefits.

Weather –When the possibility of a government shutdown loomed ahead, I did not think about how this would affect our weather predicting services. For those who are curious- all the National Weather Service offices will remain open to provide forecasts and weather alerts.  And while not necessarily weather related –NASA employees will be furloughed during the government shutdown.

About the Author:

I have been working in the reverse mortgage industry for 20-plus years. My goal is to provide consumers the most up-to-date and relevant information about the reverse mortgage industry and how it can affect them.

Thanks for reading!

-Alan F.

 

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