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Reverse Mortgage Home Equity Loan-
The Pot of Gold at the End of the Rainbow
You worked hard all your adult life. If you are the typical wife and
2 kids kind of guy over the course of your adult life on average you
have made $3 million or more. What exactly do you have to show for
it? Here you are at age 62, you own your own home, social security
starts in 5 years (maybe) and you are wondering where did all that
money go?
You are sure you're going to stay in your home the rest of your life
but you can't live on Social security. Because of this, that and the
other thing you have no other nest egg. So when you retire, do you
go back to work to make ends meet? Do you sell your house and live
off the proceeds-where are you going to live? It can be very
discouraging.
BUT WAIT. There's a knight on a white horse riding in to show you
the proverbial pot of gold at the end of the rainbow. It is called a
reverse mortgage. Reverse mortgages have gotten a lot of publicity
lately and will probably get a lot of press in the future as baby
boomers near retirement age.
A reverse mortgage is a home equity
loan that you do not repay as long as you live in the home. You must
be at least 62 and the house must be debt free or you must be able
to pay off the debt other wise you can not qualify.
The reason it is called a reverse
mortgage is because it is the opposite of a regular home equity loan
where you reduce debt and build up equity. In a reverse mortgage you
reduce equity and build up debt. That is where the money comes from.
You may select to get monthly payments, a lump sum upfront, or a
line of credit that would allow you to draw on the account as you
needed it or a combination of the three.
A reverse mortgage may allow you to
have the kind of retirement you always dreamed about and can be the
"pot of gold" at the end of the rainbow.
Your quest for the BEST deal on a home loan starts with
knowledge and information-you can't have too much of either.
Click on these
links below for some great FREE information and resources you
may not find elsewhere:
Mortgage Rate
and Home Equity
Loan
Homeowners should
check out: Home
Security. |
