The reverse mortgage is a godsend for many retirees…it has freed up Billions of dollars for retirees. Billions of dollars that have been utilized to improve the lifestyle of retirees in so many ways. Reverse mortgages have enabled retirees to reduce their debt, it has aided in estate planning, in charitable gifting and lifestyle enhancement. About Reverse Mortgages A reverse mortgage is a senior-loan that enables homeowners age 62 or older to borrow against the equity in their home with no monthly payments for life and no fear of eviction…ever, you will never have to sell your home or give up title. The loan [mortgage] proceeds can be used anyway the homeowner sees fit…it’s your money. The outstanding loan and its accrued interest can never exceed the market value of the home…any amount that accrues in excess of the market value will be forgiven. You can live in your home for life…for as long as you or your spouse shall live without making a single payment on the reverse mortgage. Ultimately, your heirs have the option of paying off the mortgage and keeping the house or selling the house paying off the mortgage and pocketing the difference. Now here is peace of mind – you and your spouse can live in the home however long you may live – as long as either of you shall live – without ever making a payment and the accrued loan balance can never exceed the market value. The Reverse Mortgage lets you convert your house into cash and retain ownership for life without making payments on the mortgage as long as you or your spouse remains a resident. And, you retain the right to sell, payoff the mortgage, buy another house or condo should you choose. Reverse Mortgages have become a significant financial security blanket that enriches senior homeowners with cash without fear of losing their home.
Senior
Money News & Views Newsletter January 2005 by Paul J.
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