Extra! Extra! Important Reverse Mortgage information For Seniors

You may be finding it more and more difficult to

make ends meet each month.  Maybe you are tired of

receiving those annoying phone calls from creditors

because your credit card payment is a few days

overdue.  This is especially true if you are a

senior citizen and are retired or hoping to do so

soon.  There is a way, however, that may help you

enjoy a brighter future and this way is by

investigating reverse mortgages for seniors.

If you are over age 62, you can decide to today to

investigate obtaining a reverse mortgage.  In

addition, you must own your own home and it must be

your primary residence.  These mortgages are based

entirely on the equity in your home and require no

income or credit qualifications.

A reverse mortgage works quite simply by paying off

your current mortgage.  Any additional equity left

over can be received like cash and no further

payments are required from you.  If you own your

home free-and-clear, your home’s equity can be

accessed by you as additional income.  And, you have

the option of receiving reverse mortgage income as a

monthly payment, as one lump sum payment, or as a

combination of these two options.

You will not be making any further monthly payments

with a reverse mortgage so the mortgage you owe

grows larger as time goes by.  Also, your equity

will generally grow smaller during this same time

period.  At the end of a reverse mortgage, the

amount you owe is the lesser of the amount of the

home’s value or the amount of the current mortgage. 

Having a reverse mortgage does not mean that your

home will depreciate in value.  It will continue to

appreciate in value just as if you had a regular

mortgage. 

With a reverse mortgage, you will continue to hold

the title to your property and will still be

responsible for paying the property taxes, insurance

and necessary home repairs.  You won’t need to repay

the reverse mortgage lender until you vacate your

home. 

Just think how carefree your world would be if you

were no longer required to make your monthly

mortgage payment.  This would mean extra cash in

your wallet each month to pay bills or to spend on

anything you want.  Reverse mortgages for seniors

are a way for you to help your loved ones or just to

make sure you have peace of mind for the rest of

your life.  Exploring the many reverse mortgage

options available to you is worth the time and

effort it takes.