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Senior Grants For Home Improvement

Find Out if You're Eligible for a Senior Reverse Mortgage

If you are a senior citizen and are finding it difficult to get by in these hard economic times, you may want to consider a senior reverse mortgage. Of course, you need to be a homeowner and be at least 62 years old. You are not required to own your home outright and you can use part of your home equity as tax-free income. The most appealing aspect of a reverse mortgage is that you won't have to sell your home or even relinquish the title. And, those expensive monthly mortgage payments will be non-existent. The loan is due when the final borrower (or borrowers) vacates the home

If you are a senior citizen and are finding it difficult to get by in these hard economic times, you may want to consider a senior reverse mortgage. Of course, you need to be a homeowner and be at least 62 years old. You are not required to own your home outright and you can use part of your home equity as tax-free income. The most appealing aspect of a reverse mortgage is that you won't have to sell your home or even relinquish the title. And, those expensive monthly mortgage payments will be non-existent. The loan is due when the final borrower (or borrowers) vacates the home.

You have probably considered or even used a home equity loan in the past. However, a reverse mortgage differs in many ways from a home equity loan.
Both of these options utilize the equity you have built up in your home over time and this equity can be used for instant cash. The primary difference between the two options is that with a home equity loan you still make monthly mortgage payments and with a reverse mortgage you do not.

A reverse mortgage offers many advantages for senior citizens. These advantages include:

You do not have to leave your home.
You still retain ownership of your home.
You avoid making costly monthly home payments until you vacate the premises.
You do not pay tax on the money you receive from your reverse mortgage.
Your social security and Medicare benefits remain secure.
You can do whatever you like with the money you receive.

Source: Free Articles from ArticlesFactory.com

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