It is truly said that old age is accompanied by its own share of problems.At this stage of life the expenses are generally much more than his/her earnings. Mostly its the limited pension that is the source of income. Together with the health care problems and financial insecurity comes the dependency factor which prevents them to lead their lives respectfully. To avoid such scenario and get financial security, insure your old age with Reverse mortgage.
What is Reverse Mortgage?
In short, it's a government sponsored and insured loan for the senior homeowners, who have attained the age of 62 years or more, to convert the home equity into cash. They can take it as an ongoing income or a lump sum amount. One of the conditions being that your home must be your own primary residence during the period of the loan.That is here you are using your home as your tax-free income provider, without making any repayment until you are moving out or selling the property. So its basically a life time financial support for the senior citizens.
In short, it's a government sponsored and insured loan for the senior homeowners, who have attained the age of 62 years or more, to convert the home equity into cash. They can take it as an ongoing income or a lump sum amount. One of the conditions being that your home must be your own primary residence during the period of the loan.That is here you are using your home as your tax-free income provider, without making any repayment until you are moving out or selling the property. So its basically a life time financial support for the senior citizens.
So if you are one of them who would like to spend your golden old age independently without any financial crisis and with self respect, go for Reverse Mortgage. However please do consult a professional for the better results.
Reverse mortgage is a useful estate planning tool that banks and financial institutions ought to offer making available to seniors. It's a great security for them to ensure the delivery of their pensions in the amounts they thought forthcoming.
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