Carlsbad, CA (PRWEB) September 15, 2007
More homeowners in their retirement years are getting the cash they need through reverse mortgages. Baby boomers currently hold approximately $4.3 trillion in home equity, according to the NRMLA/Hollister Reverse Mortgage Market Index. Companies such as My Reverse Mortgage Pro are providing homeowners over the age of 62 with opportunities to use this home equity to get the cash they need for retirement.
Reverse mortgage loans are very new lending options, but at least 300,000 of these loans have been generated since they began in 1987. Reverse mortgages allow senior homeowners to turn a portion of their home equity into monthly income or a lump sum of cash, and the money is cash-free. This allows retirees to stay in their homes, and they don't have to pay back the money back until they sell the home or the loan period ends. Homeowners who don't plan on leaving the home in an inheritance can simply use the sale of their home to pay the loan back, and they will never have to give up the lifestyle they were accustomed to.
This lending option is becoming more common for homeowners who have little savings, and few other investments in their portfolio other than their homes. Homeowners who are "cash poor" and "home rich" can turn to a company such as My Reverse Mortgage Pro to find a lender that will turn their home equity into cash for them. The loan balance grows over time as the homeowner uses the equity as cash, but they can stay in the home for the duration. When they leave the home, it is either sold or refinanced to repay the loan.
There are many reasons why homeowners are turning to companies like My Reverse Mortgage Pro in their golden years. Many retirees have expensive medical bills that eat up all their savings. A person with a debilitating disease may also leave their spouse with tens of thousands of dollars of debt when they pass away. Seniors who are living off of Social Security, credit cards and meager savings may find that they are forced to sell their homes and give up their quality of life to pay for everyday expenses.
With the trillions of dollars that American seniors possess in home equity, though, many are finding this other option increasingly attractive.
For more information about reverse mortgages, visit http://www.myreversemortgagepro.com.
About My Reverse Mortgage Pro:
MyReverseMortgagePro.com is dedicated to providing reliable, complete and easy-to-use information about reverse mortgages for people over the age of 62. MyReverseMortgagePro.com also brings together the most suitable mortgage lenders with clients who are interested in revere mortgages. MyReverseMortgagePro.com provides as clear a picture as possible about the different types of reverse mortgages available. And for those who can't find the answer, they are ready to help with any information they need.
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