Reverse Mortgage Loans
December 4, 2008
What is a Reverse Mortgage Loan? Well, there are a large portion of homeowners, especially the ones that owe nothing on their home, that are sitting on a secure form of income - and they probably do not know it. The question is, are you one? The wider question is; are you affected by rising health care, medical bills and the escalating cost prescription drugs? A reverse mortgage loan is one extremely effective method of generating additional income.
If you chose to go this route, you won’t be the first, as this form of loan is gaining in acceptance and popularity. It’s estimated that at least 200,000 seniors this year alone will go the route of a reverse mortgage loan to generate additional income from the $4 trillion in home equity that they hold. Part of the reason for this loans rise in acceptance is the fact that 90% of reverse mortgage loans are guaranteed by the U.S. Department of Housing and Urban Development (H.U.D). So, if you are interested in finding out if you qualify and what the benefits are then read on.
Qualification primarily hinges on:
1. Your age (and that of your spouse if a joint application). The minimum age to qualify is 65
2. Whether you own your own home. The statistics show that over 12.5 million senior citizens own their home with no liens or outstanding payments owed. Read more