It can often be quite difficult for many senior citizens who are living on fixed incomes to be able to meet their monthly bills. In addition, due to their age, it can be even more difficult to get a loan to help with expenses, because lenders are worried that seniors have failing health and may not be able to repay loans. Well, a loan has been created with senior citizens in mind, and only senior citizens. This loan is called a reverse mortgage, and it can be a lifesaver for many people who feel like they are never going to be able to enjoy their retirement because they do not have enough money to do so.
Changes in Reverse Mortgage Rules
There are all kinds of new things going on in the world of reverse mortgages. On December 1, 2009, the FHA raised the mortgage limit on a reverse mortgage to $625,500. This is money that you will never have to pay back as long as you are living in your home, which will be a great help to you, whether you are trying to pay bills, or want to travel and enjoy your retirement.
2009 was a big year for the reverse mortgage industry. An announcement was made in April about a certified Reverse Mortgage Calculator professional-loan originator destination, which is going to protect home owners more than they already are. More and more is being done every day to make reverse mortgages a viable option for any senior citizen who owns their own home and wants to have some additional income to live on.
Start Living Today
If you are senior citizen who owns their own home, you need to look into getting a reverse mortgage. Now is the time of your life that you have the freedom to do whatever you want, but you won't be able to do much if you do not have the financial freedom as well. Having a reverse mortgage will give you the financial freedom you need to enjoy life, and your retirement, to the fullest. Depending on the age and condition of your home, the amount of money you can receive from a reverse mortgage will vary. And, there are some properties that do not qualify for reverse mortgage funding. You can ask your mortgage officer about this, and find out if your home is eligible for a reverse mortgage.
Once you have received your loan, you are free to do pretty much whatever you want with the money. Of course, if you have a mortgage on the house already, you will have to pay this off first with the funds from the Reverse Mortgage Guide, and then you can have the rest for yourself. If you do not have a mortgage, the money is all yours and you can choose to have it all at once, or to receive it in regular payments.
Getting a reverse mortgage means getting financial freedom for yourself for your retirement years. This way, you will not have to worry about not having enough money to meet your monthly bills, and, you may even have some extra money to do the things you have always wanted to.
Changes in Reverse Mortgage Rules
There are all kinds of new things going on in the world of reverse mortgages. On December 1, 2009, the FHA raised the mortgage limit on a reverse mortgage to $625,500. This is money that you will never have to pay back as long as you are living in your home, which will be a great help to you, whether you are trying to pay bills, or want to travel and enjoy your retirement.
2009 was a big year for the reverse mortgage industry. An announcement was made in April about a certified Reverse Mortgage Calculator professional-loan originator destination, which is going to protect home owners more than they already are. More and more is being done every day to make reverse mortgages a viable option for any senior citizen who owns their own home and wants to have some additional income to live on.
Start Living Today
If you are senior citizen who owns their own home, you need to look into getting a reverse mortgage. Now is the time of your life that you have the freedom to do whatever you want, but you won't be able to do much if you do not have the financial freedom as well. Having a reverse mortgage will give you the financial freedom you need to enjoy life, and your retirement, to the fullest. Depending on the age and condition of your home, the amount of money you can receive from a reverse mortgage will vary. And, there are some properties that do not qualify for reverse mortgage funding. You can ask your mortgage officer about this, and find out if your home is eligible for a reverse mortgage.
Once you have received your loan, you are free to do pretty much whatever you want with the money. Of course, if you have a mortgage on the house already, you will have to pay this off first with the funds from the Reverse Mortgage Guide, and then you can have the rest for yourself. If you do not have a mortgage, the money is all yours and you can choose to have it all at once, or to receive it in regular payments.
Getting a reverse mortgage means getting financial freedom for yourself for your retirement years. This way, you will not have to worry about not having enough money to meet your monthly bills, and, you may even have some extra money to do the things you have always wanted to.
