Reverse Mortgages Help Seniors Enjoy Golden Years
- Posted by admin on January 13th, 2009 filed in Reverse Mortgage Info
- 1 Comment »
Danny Richmeier has lived in the same Bella Vista home for the past 20 years. He retired many years ago and only receives a Social Security Benefits each month.
“I’ll be 78 but I don’t feel old,” Richmeier said. “I’m just slowing down a little bit.”
Richmeier and his wife decided to reap the financial benefits from their home’s equity two years ago.
“I figured, ‘Well, hey. Why not have that money working for you?’ so that’s what we decided to do.”
Teri Bleich of Pulaski Mortgage Company said reverse mortgages are ideal for some senior citizens, who are are at least 62 years of age and are having trouble making traditional mortgage payments.
“They can use it as a line of credit if there’s enough equity there and they’ve paid off the balance of their current loan,” said Bleich. “Then they have a line of credit that they can use at any time.”
Reverse mortgage loans can be paid to homeowners in one lump sum of cash or as a regular monthly loan advancement.
Richmeier decided to use his reverse mortgage as a line of credit, which has given him the peace of mind that he’ll remain in his home and continue working on his hobby of wood carving.
“I can at least go to bed at night and know that I don’t have to worry about the bills the next morning,” said Richmeier.
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January 19th, 2009 at 4:14 am
Reverse mortgage loans are really a helping hand to senior citizens. The important thing is that we have to take utmost care in selecting the loan. I think it is better to seek help from any reputed companies in this field like Bills.com. As these companies have a lot of experience in dealing with different situations, they can find the right loan matching our financial health.