Live Your Senior Years Stress Free with a Reverse Mortgage
If you are in your golden years and are thinking
about how you can have more cash coming in each
month or perhaps purchasing a new home, this article
is for you! The answer may lie be as simple as
checking out reverse mortgages for seniors.
If you are in your golden years and are thinking
about how you can have more cash coming in each
month or perhaps purchasing a new home, this article
is for you! The answer may lie be as simple as
checking out reverse mortgages for seniors. The
only qualifications you need are that you have
reached the age of 62 and that you are currently a
home owner. Take the time now to read all about it!
With a reverse mortgage, you have the opportunity to
use this type of mortgage even though your credit
may not be stellar and you are unable to make large
monthly mortgage payments. Purchasing a home using
a reverse mortgage does not on what your income is.
The good news is that the Federal Housing
Association (FHA) will start insuring reverse
mortgages for home purchases in January 2009. By
using a reverse mortgage on the home that you now
own, you will be able to at least consider moving to
another home that better suits your current needs.
Bear in mind that as of November 2008 the loan limit
on reverse mortgages is $417,000.00.
The best news about a reverse mortgage is that in
addition to having the opportunity of buy a new
home, you won’t have to come up with a lot of cash
and you will never have to make a mortgage payment
(unless and until you permanently leave the
property). However, you will still be responsible
for paying taxes , insurance and other fees on the
property. HUD does not require that you meet
certain income and credit qualifications.
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found here at Reverse Mortgage Advisers.
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