Is A Reverse Mortgage Right For You?

Marianne is 74 years old, widowed, and has been living in the same home that she and her late husband built more than forty years ago and where her three children were raised. Although the home is bigger than what she needs it is paid off and a familiar place for her to spend her remaining years.

Marianne has one big problem that could threaten her ability to keep her home: her personal finances. Property taxes have doubled over the past 12 years and insurance costs, maintenance, utility bills, and her own declining health are impacting her ability to stay put. Her husband Frank's pension along with her monthly social security check and interest income from two certificates of deposit barely keep her ahead of the game. One misstep and Marianne's finances could be irretrievably plunged into a debt pit.

Fortunately, seniors like Marianne have an option that can help them control their finances and permit them to stay in their homes for the rest of their lives. Reverse mortgages are here and are allowing tens of thousands of seniors to live out their lives in familiar surroundings. How about you? Is a reverse mortgage right for you? Read on and we'll take a closer look at this popular financing option for senior citizens.

No you don't have to sell your home and no, you certainly will not fork over the title to strangers. If someone attempts to do otherwise, then they are a fraudster worth avoiding!

With a reverse mortgage you can tap all or some of your home's equity now and live on those proceeds. At some later point, typically when your home is sold by your estate, the monies owed by your reverse mortgage will be paid to the mortgage company and the remaining assets will be divided up by your heirs.

You have no monthly payments too make, no bills to deal with…all of the interest is accrued over time and added to the debt which is settled upon the sale of your home. Of course, all other bills will still have to be handled by you including the property taxes, electric and gas, water, and more.

If upon the sale of your home there is no equity left in fact there is a loss involved in the sale, neither you nor your estate will suffer: the loss is taken by the mortgage broker.

To qualify for a second mortgage, you generally have to be aged 62 or older and own your home in entirety. Not all brokers offer second mortgages so shop around for a lender that offers this type of service.

Yes, Marianne is happy and has peace of mind as she can live out her days in the home that she loves. Thanks to a reverse mortgage Marianne and thousands like her can enjoy their homes for as long as they wish. How about you? Is a reverse mortgage an ideal option for you?