Santa Ana, CA -- (ReleaseWire) -- 11/14/2006 --Orange County California-based Reverse Mortgage USA helps many seniors each year prevent the financial difficulties that often will follow the death of a spouse using a Government insured Reverse Mortgage.
“Higher energy bills, rising medical expenses and the increasing cost of living, all contribute to serious financial concerns.” Said Vince Welter, President of Reverse Mortgage USA, noting that the ability for many seniors to make ends meet and afford to stay in their home is becoming more difficult.
“Many people forget that it is unlikely both spouses will die at the same time. Many senior couples live solely on their Social Security payments. Upon the death of a spouse, the remaining spouse will no longer have the Social Security income of the deceased spouse. “ said Welter. “Seniors most susceptible to this potential financial disaster are those still making mortgage payments.”
A Reverse Mortgage enables homeowners who are 62 and older to turn part of their home’s value into immediate cash, for any purpose, and with no repayment for as long as they live in their home, and in the case of a married couple, for as long as one of them lives in the home.
The purpose of the Reverse Mortgage is to turn what was once inaccessible --- the value of one’s home --- into a liquid asset for use by seniors at a time when they need it most. “Seniors have worked hard for the equity in their homes; this program allows seniors to know that their surviving spouse won’t have to worry about making house payments”, said Welter “We seek to educate the public at-large and seniors specifically about access to this valuable resource.”