subject: Using A Reverse Mortgage For Senior Debt Management [print this page] These days, it is not uncommon to see many senior citizens struggling to pay their debts, which can include mortgages, medical expenses, everyday living expenses, and more. Unfortunately, many people are unable to put money aside for their retirement years, and the little bit they make on pensions does not go as far as it once did. When seniors are having difficulty paying bills, they need to start learning a little bit about debt management, and how to get out of debt. One way they can get out of debt and have money left over for future expenses, is to get a reverse mortgage on their homes. By having a reverse mortgage, the senior is still the owner of the home, at least until they move, sell or pass away, and they are able to pay off their mortgages, leaving them free to take care of other expenses or even to have a little bit of fun.
What Can a Reverse Mortgage Be Used For?
A reverse mortgage can play a large role in senior debt management. The equity on a home is converted into money, which the homeowner can use to take care of the mortgage and other debts. Even if a person is not having any financial difficulties, they may want to get a reverse mortgage, in order to have the money to do the things they have always wanted to. A reverse mortgage can give seniors the freedom to do whatever they wish, with less concern for their finances and and debt load.
Who Is Eligible for a Reverse Mortgage?
Any senior citizen age 62 or older who is a homeowner may qualify for a reverse mortgage. Because a reverse mortgage is funded against the equity that has already been built up in the home, it is not necessary for borrowers to fall within a certain income range, or even to have a good credit score. For example, if a home is valued at $200,000, and $100,000 is still owed, a borrower may be eligible for enough to pay off their entire mortgage. With the mortgage completely paid off and no future monthly mortgage payments, the homeowner can relax and use their money for other expenses that may have been getting behind.
Are you a senior citizen who owns your own home and is having difficulties making all of your bill payments, including your mortgage every month, and need to have some form of debt relief? If so, you should consider looking into a reverse mortgage. You can learn more about reverse mortgages from Legacy Reverse Mortgage. On the website, you will be able to get a free quote, and you can use the reverse mortgage calculator to find out how much you may be eligible to receive. To learn more, visit the website at www.legacyreversemortgage.com.
