While many homeowners have heard of the product most are still confused as to the differences between a Reverse and “Forward” mortgage.”
New York, NY (PRWEB) June 23, 2014
With the median income of retirees today at $35,107 many current and future retirees are looking for ways to maximize their income during retirement. Many have owned homes for a long time and have a large amount of equity in their homes that they are unable to access without selling the home. Those looking to remain in their homes have limited options. One of those options is to take out a Reverse Mortgage. According to Roy Weissman, Founder of Irasuccess.com “While many homeowners have heard of the product most are still confused as to the differences between a Reverse and “Forward” mortgage.”
In this article IRA Success presents the unique features Reverse Mortgages offer including, guaranteed income for life, no payments and, for some, the ability to stop existing mortgage payments during their lifetime. Reverse mortgages never require the loan to be repaid while the homeowner(s) live in the home, and borrowers can use the money from the loan in any way they choose. It is a great way to use the equity in a home to make life easier in the later years in life.
Conveyed is that while a regular mortgage has certain credit requirements and must be paid back to the lender, reverse mortgages offer access to equity built in homes for older homeowners, without the need to pay back the loan within their lifetime. Most do not realize that reverse mortgages are not only for homes that are already owned and have equity; they can also be used for purchasing a new home without ever needing to make a mortgage payment.
For those still seeking further information on Reverse Mortgages, IraSuccess.com offers a Reverse Mortgage Helpline for consumers, at 855-419-6986 to obtain answers to questions about the loans. The Reverse Mortgage program has been undergoing changes in the last few years. And Ira Success wants to keep seniors up to date on the laws, options and issues surrounding the Reverse Mortgage program.
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Established in 2014, IraSuccess.com is the site for information about individual retirement plans including Traditional and Roth IRAs, 401k plans, Simple and SEP IRAS, as well as many others. Users can compare from over 12 major brokers as well as stay up to date on all the need to know information regarding individual retirement plans. With years of experience in individual retirement planning, our experts are here to help you get started in investing in an IRA today! For more information please visit IraSuccess.com.