 | Charlie Traffas has been involved in marketing, media, publishing and insurance for more than 40 years. In addition to being a fully-licensed life, health, property and casualty agent, he is also President and Owner of Chart Marketing, Inc. (CMI). CMI operates and markets several different products and services that help B2B and B2C businesses throughout the country create customers...profitably. You may contact Charlie by phone at (316) 721-9200, by e-mail at ctraffas@chartmarketing.com, or you may visit at www.chartmarketing.com. |
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ANSWER: According to the Administration on Aging, one-third of Americans age 65 and over depend on Social Security for close to 90 percent of their income. However, these senior homeowners may have an opportunity to live a more comfortable and financially independent lifestyle by securing a reverse mortgage on their home.
A reverse mortgage allows seniors to convert their home equity into monthly income. The borrower retains title to the home and will never owe more than the home is worth, while receiving either monthly installments or a lump sum secured by their home. The money can be used for almost anything: medical bills, in-home care services, home repairs, or paying off other debt. The senior homeowners also will never lose their home as long as they live in it.
Homeowners aged 62 and older are eligible for this loan. Qualifications such as income, credit or health are not taken into consideration. Only the equity in the home is important and even seniors who are currently making house payments can be eligible for this program. How much income is available? There are a number of factors to consider: homeowners age, the appraised value of the home and the amount of equity currently available. Generally, the older the borrower is, and the higher the home value, the more equity is available as lump sum or monthly income.
Please call with additional questions as this program is really starting to grow. More and more retired homeowners have found that a reverse mortgage allows them to live a considerably more comfortable lifestyle.