Reverse Mortgages Only Option For Many Seniors

Reverse Mortgages Only Option For Many Seniors

The financial meltdown that started in the second half of 2006 has pushed back many seniors' plan to retire and in some cases has eliminated that plan altogether. Many economists are now comparing our recent meltdown to that of the great depression of the 1930s and some believe that it is much worse and will be longer lasting.

Our national debt has been spinning out control for so long that many of us that are alive today will never see a balanced budget again in our lifetime. At the state level we are seeing cutbacks on many workers' pensions that they were expecting to retire on and now the money is no longer there. This is not only affecting retirees from state and federal jobs, but also retirees of small businesses that have failed because of this downturn in the economy. Those failed businesses are no longer paying former employees any compensation at all for many years of hard work.

Many seniors are now depending solely on Social Security to finance their futures and what has the government done? The government has suspended COLA's (Cost Of Living Adjustments) because they claim inflation or the cost of goods have not increased. We do not have to look far to see, that is not a true statement especially if you are paying your own grocery bill, or energy bill, or for medicine that you require to stay alive. In past years many seniors were able to depend on family for help, but with unemployment rates at all-time highs in almost every city and state, their families are struggling just to keep a roof over their heads.

With the amount of seniors turning 65 each day (10,000), I am thankful that there are programs like the FHA HECM (Home Equity Conversion Mortgage) or most commonly called Reverse Mortgage loan. This product is fast becoming a lifeline for any home owner over the age of 62 that has equity in there home and no other place to turn. There are many places on the internet to get free information or to see if you qualify and more importantly to match you with the right product! (God help those that don't own a home).

I would reccomend that if you are a home owner and you are struggling to pay for food or medicine, or you are looking to retire early, but need that little extra to get you over the top then look into the reverse mortgage (www.reversemortgagematch.com) product. The FHA HECM is a government insured loan and the best part of this loan is that to be qualified you only need to be 62 and have equity in your home as there are no income or credit score requirements.

All links or website's mentioned in this article have been researched and have been determined to be licensed and reliable to give information on the reverse mortgage loan.

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