subject: Reverse Mortgage Bellevue,Seattle Washington Senior Citizen [print this page] Reverse Mortgage Bellevue,Seattle Washington Senior Citizen
Introducing www.Governmentreversemortgage.com
Reverse Mortgage Specialist Advice
One of the biggest fears many people have is that after they retire, they will not have enough money to continue with the kind of lifestyle they have become accustom, or worry they will not have enough money to survive at all.
Even though most people have the best of intentions when it comes to saving for retirement, it can often be difficult with so many little expenses arising all the time. But if you are a homeowner age 62 or older, have little or no savings and are getting close to retirement, there is an option available to help senior homeowners face such problems: Consider applying for a reverse mortgage.
What is a reverse mortgage? A reverse mortgage is a no income, no credit home loan, specifically, a home loan for persons over the age of 62. It differs from a conventional loan, in that there is no monthly payment requirement. Yes, that's right. You can defer all of your repayment until some point in the future. You can pick the time for repayment or you must repay the loan when you no longer reside as a full-time resident in the property. The reverse mortgage enables you to convert some of your equity into cash. It is only repayable when you no longer live in your home.
The tax free money you receive from a reverse mortgage is yours to do with what you want.
Obviously, if there is currently a mortgage on your property, it will need to be paid with a portion of the proceeds from your reverse mortgage. Thereby eliminating your current mortgage payments for as long as you live in your home.
For example, if you currently owe $25,000 on your house and you get a reverse mortgage for an amount of $150,000, you will actually receive $ 125,000, leaving the remaining $25,000 to payoff your current mortgage.
You can use the remaining money to pay off high interest credit card debt, create a monthly income stream, home remodel or even take the dream trip you've been planning for years.
