subject: Benefits of Taking Seniors Reverse Mortgage for a Stress-Free Life [print this page] Reverse home mortgages are a new type of loan for senior citizens wherein a person who is qualified for a reverse mortgage doesn't need to pay any monthly payment to the lender. To qualify for a reverse mortgage, you should be at least 62 years of age and you should own a property, in your name.
The loan is repaid only when the senior homeowner passes, moves out permanently to some other residence or decides to sell the home. In the event of a sale, the excess amount of what is owed to the lender is given to you or to a family member, in your absence.
Some of the benefits of taking reverse mortgage loans are:
1. Provides additional source of income to cover cost of home health care
2. Helpful when you don't want to leave your home for your children
3. No monthly payments to make life stress-free
4. Money received as mortgage payments are tax-free
5. Secure procedure of transferring money to your bank account
6. The older the borrower, the higher is the amount of the proprietary mortgage
7. Mode of payment are flexible i.e. monthly, lump sum or line of credit
If you are residing in the United States, then you can easily avail the benefits of a reverse mortgage. Proprietary reverse mortgage is popular in many areas like California, Arizona, Colorado, Florida, Georgia, Virginia, Washington, etc.
Check out the Internet to find out a reliable senior reverse home mortgage service provider in the United States so that you can become tension free forever and can live in your own home happily in your golden years. However, the proper guidance of a financial advisor will help you to know and understand all of the benefits and drawbacks of using reverse mortgage loans.
Benefits of Taking Seniors Reverse Mortgage for a Stress-Free Life
By: Jack Marshal
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