For most people, a mortgage is the largest single financial obligation they ever assume. Paying off your mortgage before you retire is usually a wise decision; while you'll still be responsible for taxes and insurance on the property, eliminating your monthly mortgage payment will relieve financial pressure on what generally is a reduced level of income.
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In today’s faltering economy, many people find themselves suddenly seeing their retirement income dashed, as they watch the financial security they spent years building evaporate. Enter reverse mortgages.
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It’s no secret that as hundred of thousands of Americans hit retirement age each month, they are being confronted with the fact that in spite of their best efforts, their retirement nest eggs are simply inadequate. Their pensions have evaporated; the monthly social security check is only a drop in the bucket for them; and their health insurance premiums are rapidly becoming the biggest expenses in their monthly budgets.
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Recent headlines pointing to the detriments of reverse mortgages aren't getting the story straight. One of the nation's leading reverse mortgage lenders wants to separate fact from fiction.
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Many older homeowners are just getting by -- or worse. Retirement savings plans are down. Those 401(k)s have not grown enough to be counted on for retirement. Pension funds are hurting. But if you're an older homeowner with sufficient equity to qualify, there could be some relief in a Home Equity Conversion Mortgage, also known as a reverse mortgage.
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Reverse mortgage is a relatively new concept here. It is yet to gain significant acceptance. The concept is quite popular in the developed countries as a means generate cash flows for senior citizens.
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Even with all the doom and gloom in the housing arena, there exists a ray of hope for senior homeowners 62 years of age or older. That hope arrives in the form of a HECM (Home Equity Conversion Mortgage) or Reverse Mortgage. As a senior home owner who has taken a reverse mortgage, you need not be concerned with increasing foreclosure rates and whether or not you will be able to meet your mortgage obligations.
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A study by the National Alliance for Caregiving and the AARP showed that nearly one third of the US population are caregivers, defined as providing unpaid care to an adult or a child with special needs. These caregivers spend an average of 20 hours a week providing unpaid care. Caregivers can be helped with a reverse mortgage.
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Reverse mortgage counselors have some new guidelines for qualifying to work with homeowners. The Federal Housing Administration (FHA) guidelines come after complaints that some housing counselors aren’t qualified to discuss reverse loans.
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Reverse Mortgages are exclusively to seniors over the age of 62. For seniors who want to remain in their homes, reverse mortgages can provide a lump sum, monthly checks, a line of credit, or a combination of these.
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