Security for Seniors
All across the country, homeowners over the age of 61 are enjoying financial security through participation in the FHA-Insured reverse mortgage program. This innovative program allows homeowners to draw tax-free income from their home equity without requiring monthly repayment. No longer do older homeowners need to compromise their standard of living in order to keep up with rising expenses.
For many Americans, the "golden years" are not very golden. Health care costs, home maintenance expenses and property taxes keep going up! For someone on a fixed income, it's often a challenge to keep pace. Now, thanks to the support of your elected representatives and with the backing of the U.S. Department of Housing and Urban Development (HUD), the reverse mortgage program provides a way to supplement their income.
A reverse mortgage is a safe financial alternative enabling older homeowners to remain in their homes for years and enjoy a secure retirement. Reverse mortgages enable older homeowners to access the built up home equity in their home with repayment of the loan deferred until they no longer live in the home. Proceeds from the program are tax-free and can be received monthly, in cash or a credit line can be established.
Historically, income qualifications have prevented many older adults from qualifying for traditional loans. Until recently, many of these homeowners were forced to sell their homes and move in order to cover their expenses. The reverse mortgage program does not have any income, asset, credit or employment standards.
To learn more, individuals can contact: Susan Shotts of Wells Fargo Home Mortgage at 877-953-4225 (Toll Free).
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Looking for housing options for yourself, an aging parent, relative, or friend? Do some research first to determine what kind of assistance or living arrangement you need; what your health insurance might cover; and what you can afford. Then check here for financial assistance resources and guides for making the right choice.
Reverse Mortgage Calculator and Independent Information on Reverse Mortgages for consumers, professional advisors, and nonprofit counselors
The Top Ten Things to Know if you're interested in a reverse mortgage