reverse mortgages provide options for seniors

Generation X is the current sandwich generation. We have more children under 18 living at home than any other generation. On the flip side, our parents are aging and many of them are unprepared for retirement, especially given recent events in the financial markets. Thus, I have decided to accept an invitation to write a critique about All Reverse Mortgage Company, mostly because I have a 70-year-old aunt who has really benefited from a reverse mortgage.

Holding On By My Finger Nails
Several years ago, my Auntie Phyllis, who lives in California, lost her husband. "I was 65 and after my husband died," she wrote to me in a recent email. "I was holding on by my finger nails because I had more money going out than I had coming in. I had enough money to see me through for five years, but I had to decide what I was going to do before that.

"A friend of mine told me about reverse mortgages and that it had helped her so I gave the agent she used a call and someone came out to talk with me. I was under the misconception that if I did this I would have to sign my home over, but that was not the case and my home is still mine."

According to All Reverse Mortgage Company, the reverse mortgage is a national program, which is offered to people just like my aunt who are 62 years-of-age and older. It allows them to access their home equity without a monthly mortgage payment.

The Best Thing
"It's the best thing I could have done," Auntie Phyllis wrote. "I now have no house payment, only the yearly taxes and insurance that must be paid. They appraised my home and gave me a cash amount plus a credit line that I could withdraw on any time I felt the need."

With a Federally-Insured Reverse Mortgage:

You may safely access a portion of your homes equity.

There are no income or credit score requirements

The money you receive does not affect public benefits such as medicare or social security.

You own your home - not the bank.

You never make a monthly mortgage payment as long as you live your home, pay property taxes and keep up your homeowners insurance

You will never owe more than your home is worth.

All Reverse Mortgage's Web site is really easy to navigate. It features success stories, news articles that mention the company as well as a reverse loan calculator. The site even features a list of pros and cons of the reverse mortgage.

Thankful for Reverse Mortgage
According to Auntie Phyllis, she will never owe more than the amount given to her if she one day chooses to pay it back. "It has given me money to do things I would never have been able to do (especially repairs)," she wrote. "I would recommend it to anyone who is a senior and qualifies. I'm so thankful my friend told me about this and of her experiences."

What do you think of reverse mortgages?

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