Reverse Mortgage in Hard Economy With Debt Consolidation Cash For Maryland Seniors by Tim Marose
CHI Publishing
October 22, 2008
Have you looked at your 401k statement recently? What about any investments you may have? Are you afraid to open your financial statements to see what the latest collapse has done to your portfolio? You are not alone! The Hard Economy has turned many seniors to a Reverse Mortgage to secure their financial future.
A reverse mortgage is a loan taken out by seniors 62 and older to use the equity in their primary residence to receive tax free income. Repayment is not required and seniors are only required to make payments on property taxes and homeowners insurance. Instead of making a mortgage payment each month to your current lender, you receive a monthly payment!
Reverse Mortgages have no income, asset, employment or credit requirements to qualify. Many seniors who have fallen behind on mortgage payments can use a reverse mortgage to pay for all outstanding debts which can significantly improve their credit. There must be some equity in the home, but many homeowners with current mortgages easily qualify.
Home improvements, debt consolidation, travel and medical expenses are just some of the things you can use the money from a reverse mortgage. There are no restrictions for the cash. You can choose to receive a lump sum payment, a monthly payment, a line of credit, or a combination of the three.
The economy has caused home values to drop in most parts of the country, with many predicting the trend to continue. Reverse Mortgages are linked directly to your home´s value, so the time to act is now. A small decrease in equity could prevent you from qualifying.
Stop worrying about your monthly mortgage payment! You worked hard to get where you are. You deserve to live stress free in retirement. Visit www.tmmortgagegroup.com today or call 240-463-3224 to start enjoying the benefits of a reverse mortgage!