Learn how senior citizens can generate an income stream

The crash of the economy in recent years is considered by many to be the worst since the great depression

. It has left many of us questioning the basic fundamentals of investing and homeownership that we have always believed to be true, without question. We believed that owning a home was a good thing, in any situation. And we also believed that investing in your employer's retirement plan, or a similar retirement vehicle, was a full proof plan to a happy retirement.

Most of us have learned the hard way that our investments are just that...investments. There is no guarantee that we will still have as much value when we take the funds out of our accounts as we had when we put them in. Many Americans have lost up to 75% of their life savings, and it is leaving many us wondering what we are going to do differently with our savings from this point forward.

But what about those that have lost a large portion of their savings and don't have the ability to start over? The retired generation has lost just as much as most of us, but they don't get another chance, they have to live out their days with what they have. Luckily there is an option to generate a steady stream of income for those homeowners that are senior citizens. These retirees can use the equity that they have build up in the homes to create an annuity payout for the remainder of their lives!

The best equity release plan for most elderly is the lifetime mortgage. With this plan a lender, usually an insurance company, will pay out an annuity to the homeowner, or borrower, until he either dies or moves out of the home for 12 consecutive months. The lender will charge interest on the money that is given to the borrower, but it will come out of the sale of the home so the borrower does not need to worry about it now.

The lifetime mortgage is the best equity release option for most senior citizens. They generate a steady stream of income off of their biggest investment, their home

Learn how senior citizens can generate an income stream

By: AmyBoyd

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