You will inherit nothing, and the banks are to blame

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The lending institutions are taking advantage of senior citizens by squeezing their cash flow and penalizing their kids by overcharging them.

Adults over 65 years old account for more than 17% of the U.S. population, or close to 58 million. They enjoy a higher level of credit score at an average of 750 as compared to millennials (age of about 26 to 41) averaging a 687 score and Gen X (age 42 to about 57) averaging 706. 

The FICO score disparity indicates that seniors represent less risk and have the discipline and financial responsibility of paying their bills on time and managing their debt effectively – a 740 or above represents very good and exceptional. 

Over 63% of people over 65 have managed to pay off their mortgage. (iStock)

When it comes to home mortgages, their delinquency rate averages about 1.5% as compared to millennials and GenX’s average of 2.4%. Baby boomers and the 65-plus represent a much more stable and steady mindset with a more reliable employment track record

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