Reverse Mortgage Benefits Revealed By Florida Mortgage Expert
Pembroke Pines, FL -- (ReleaseWire) -- 07/08/2008 -- Dreaming of your retirement years does not include losing your house. However due to today’s lower stock market, higher medical bills and taxes, many retirees face this very problem. This is why it is necessary that you, as a baby boomer considering retirement within the next 10 years, understand reverse mortgages and what one could do for you. A reverse mortgage could make it possible for you to travel, buy a second home or start a new business. The Basics of Reverse Mortgages A reverse mortgage is a loan against the equity in the home you own that you are not required to make payments on, as long as you continue to reside in your house. If you own your own home, the banks will pay cash for your home without your having to repay it each month or move. There are several different ways you can receive your cash. The first way is the entire sum in a single payment. The second way is that you can get a payment every month. And thirdly, a bank can give you a line of credit. It's up to you and your own judgment to manage this line of credit. Why Get A Reverse Mortgage? A reverse mortgage has many benefits. Your financial status holds the answers to many of the benefits available with a reverse mortgage. Advantages include: • Protect the title to your home • No restrictions on how, when or where YOU spend the money • No restrictions on when you sell your home • You do not repay as long as you remain residing at the home • You do not pay taxes on your received cash To simplify it, remember that a reverse mortgage is the opposite, or reverse, of a regular mortgage – the bank pays you to live in your house. The loan has to be repaid when you pass away. Or certainly, when your home is sold to a new owner. This solution may suit you if you're retiring in your current home and have equity in that home. Also, another advantage of a reverse mortgage is that you can qualify for a reverse mortgage even if you have no income whatsoever. Why wait? Begin your golden years on the right track!
Pembroke Pines, Florida - based mortgage expert Marlon Baugh specializes in providing reverse mortgage information to Florida senior residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.
Marlon Baugh is available for interviews and will welcome all your mortgage related questions.
Call 954-678-5796 Ext.1 for a Free No-Obligation Consultation or visit http://specializedfinancialsolutions.com/reverse.htm