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Apply for a Reverse
Mortgage Now
A Reverse Mortgage is a loan strictly for Senior citizens
who own homes and would like to use some of the equity
they have built up to assist them through their retirement
years.  Reverse Mortgages help senior citizens take
cash out of their homes to help them with home
improvements, health care, bills, etc.  These mortgages
work in "reverse" hence the name where the Senior is
no longer required to make a payment on their
mortgage.  The bank charges interest just as in an
original mortgage but the interest gets tacked onto the
balance of the loan which is the reason that there is no
payment required to be made.  This payment waiver
really helps seniors with keeping cash in their hands to
help pay for other expenses throughout their retirement
years.  The loan is paid off when the home is sold and
the senior keeps the remainder of the money left over.  
The biggest misconception with a Reverse mortgage is
that the bank takes ownership of the property which is
completely false.  The Senior stays in control and on title
of the property just like a regular loan.  The only
difference is that the balance of the mortgage grows due
to the fact that there are no payments being made.  

This loan also allows Seniors to take cash out on a
monthly, yearly, or whenever needed basis as long as
the equity allows.  If you need to fix your roof, you can
take a lump sum for that.  If your insurance is due, you
can take cash out for that.  Some seniors will take a
fixed amount out every month to help with their monthly
bills.  You must be 62 in order to qualify for a Reverse
Mortgage and the mortgage must be on your primary
residence.  Because it's a government sponsored
mortgage, counseling is required before you are able to
apply to make sure you truly understand the loan you
are applying for.  This is put in place to protect Seniors
from getting into a loan that they do not understand.  

A Reverse Mortgage will not affect your Social Security
or Medicare benefits.  Speak to a Reverse Mortgage
Specialist today.
Reverse Mortgages
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