Reverse Mortgages, Take Comfort in your Golden Years
http://www.askbigpapa.com/articles/389/1/Reverse-Mortgages-Take-Comfort-in-your-Golden-Years/Page1.html
By Rodney Goldston
Published on 06/9/2008
Your retirement years should be the most enjoyable and a reverse mortgage may help make that ambition a reality. A reverse mortgage enables senior homeowners, 62 years and older, to convert a part of the equity in their home into tax free income* without having to sell the home, give up title or take on a required monthly mortgage payment. As there are no restrictions on the use of funds, the process may be used to improve the quality of life and make your retirement years more enjoyable.
Borrowers will never, under any circumstances, resulting from a reverse mortgage be forced to leave their homes, providing they keep their home in reasonable living condition and maintain their real estate property tax and insurance.
Funds received from a reverse mortgage can be used in virtually any way the borrower chooses. A borrower may receive their funds in a lump sum, in monthly increments, as a credit line, or any combination of these options**. As for repayment, the loan is repayable when the borrower sells the home or permanently moves out. In addition the repayment amount cannot exceed the value of the home at the time the loan becomes due.
This flexibility paired with no required monthly mortgage payments allow senior borrowers to use their equity for many different purposes, such as paying off debts, assisting with medical bills, helping loved ones, or making home improvements.
Living on a limited income can be stressful for many seniors. A satisfied couple from Pennsylvania shares how they overcame that burden and improved their transportation. “As a retired couple we needed more income as we lived on a fixed income. We also needed an automobile very much as our car had over 137,000 miles on it. We are happy to say that we are in the process of buying a new automobile and we also have some money to spend as needed.”
Reverse Mortgages may also help those who have lost a spouse, to eliminate debt, “I am a widow and a mother of nine children. My children helped me all the time and hated to see me struggle to keep my home. Thanks to my children and this reverse mortgage I have paid off my bills and still have money leftover,” says a grateful borrower from Oregon.
“I am able to do some upgrading of my home and yard that would have been impossible financially without the reverse mortgage. The fact that I have some money in the bank is very reassuring,” states a Massachusetts homeowner. Home improvement is one of the most common uses of reverse mortgage funds.
As this Florida senior discovered, a reverse mortgage can contribute to medical expenses or be used as a gift for family members “I am an 85 year old widow. This program will help me pay large medical bills and help my granddaughter through college.”
The most uplifting result of a reverse mortgage is the assurance and security it allows for so many seniors. A senior from Utah expresses her thanks, “Knowing we have money available for emergencies is a blessing. The peace of mind is priceless because we have extra disposable income. We have been able to purchase household items we needed plus put money into savings.”
A reverse mortgage could be right for you if you are 62 years of age or older, would like to remain in your home, and could use some extra cash to help you with your financial needs.
Rodney Goldston is a reverse mortgage specialist with the country's number one provider and servicer of Reverse Mortgages. For more information please contact via the contact form on this website.
NEED MORE INFORMATION?: Click here to request your FREE DVD called "The Financial Solution You've Been Waiting For". Be sure to include your full name, mailing address, and phone number (all information must be included to ship). I'll ship you the DVD FREE.
Your retirement years should be the most enjoyable and a reverse mortgage may help make that ambition a reality. Read this article to discover what a Reverse Mortgage is and if it's right for you or someone you know.
Reverse Mortgages, Take Comfort in your Golden Years
Your retirement years should be the most enjoyable and a reverse mortgage may help make that ambition a reality. A reverse mortgage enables senior homeowners, 62 years and older, to convert a part of the equity in their home into tax free income* without having to sell the home, give up title or take on a required monthly mortgage payment. As there are no restrictions on the use of funds, the process may be used to improve the quality of life and make your retirement years more enjoyable.Borrowers will never, under any circumstances, resulting from a reverse mortgage be forced to leave their homes, providing they keep their home in reasonable living condition and maintain their real estate property tax and insurance.
Funds received from a reverse mortgage can be used in virtually any way the borrower chooses. A borrower may receive their funds in a lump sum, in monthly increments, as a credit line, or any combination of these options**. As for repayment, the loan is repayable when the borrower sells the home or permanently moves out. In addition the repayment amount cannot exceed the value of the home at the time the loan becomes due.
This flexibility paired with no required monthly mortgage payments allow senior borrowers to use their equity for many different purposes, such as paying off debts, assisting with medical bills, helping loved ones, or making home improvements.
Living on a limited income can be stressful for many seniors. A satisfied couple from Pennsylvania shares how they overcame that burden and improved their transportation. “As a retired couple we needed more income as we lived on a fixed income. We also needed an automobile very much as our car had over 137,000 miles on it. We are happy to say that we are in the process of buying a new automobile and we also have some money to spend as needed.”
Reverse Mortgages may also help those who have lost a spouse, to eliminate debt, “I am a widow and a mother of nine children. My children helped me all the time and hated to see me struggle to keep my home. Thanks to my children and this reverse mortgage I have paid off my bills and still have money leftover,” says a grateful borrower from Oregon.
“I am able to do some upgrading of my home and yard that would have been impossible financially without the reverse mortgage. The fact that I have some money in the bank is very reassuring,” states a Massachusetts homeowner. Home improvement is one of the most common uses of reverse mortgage funds.
As this Florida senior discovered, a reverse mortgage can contribute to medical expenses or be used as a gift for family members “I am an 85 year old widow. This program will help me pay large medical bills and help my granddaughter through college.”
The most uplifting result of a reverse mortgage is the assurance and security it allows for so many seniors. A senior from Utah expresses her thanks, “Knowing we have money available for emergencies is a blessing. The peace of mind is priceless because we have extra disposable income. We have been able to purchase household items we needed plus put money into savings.”
A reverse mortgage could be right for you if you are 62 years of age or older, would like to remain in your home, and could use some extra cash to help you with your financial needs.
Rodney Goldston is a reverse mortgage specialist with the country's number one provider and servicer of Reverse Mortgages. For more information please contact via the contact form on this website.
NEED MORE INFORMATION?: Click here to request your FREE DVD called "The Financial Solution You've Been Waiting For". Be sure to include your full name, mailing address, and phone number (all information must be included to ship). I'll ship you the DVD FREE.