Many seniors are looking for ways to increase their income pay their bills and simply make their life easier. The answer often times comes in a way called a HECM or Reverse mortgage.
Reverse mortgages are the way of choice for many seniors who want that extra help on a week to week or month to month basis as their expenses continue to climb. So what is the requirement to get one of these mortgages?
Well that would be equity in a home as the number one requirement. Naturally, you must have enough equity in the home to start at least 50 percent. In many cases, people get a reverse mortgage so they can eliminate their monthly mortgage payments so the fallacy of having a home free and clear is not true. Having a mortgage does make the process more expensive but never the less if you no longer have a mortgage payment then you may qualify and you may also experience greater cash flow by not having to make that payment each month.
As they say, a penny saved is a penny earned, when you don’t make that monthly payment, you are saving lets say $1000 so that is in effect the same as earning $1000.
So what is the first step to getting a reverse mortgage? Education, you can click here to learn at your own pace and find out if this product is right for you.
There are pros and cons to every financial product. There are no magic bullets or answers to your financial pressures short of hitting the lottery, I guess.
So, take some time watch some videos and learn what this product can do for you. Many people in Naples, Jacksonville and Fort Myers are getting reverse mortgages.
In fact reverse mortgages in Naples and reverse mortgages in Jacksonville are on the rise.
As the education factor increases regarding these products seniors are flocking to them. The rules and regs of reverse mortgages can be found here: General information found here.
Good luck in making the right decision for your financial future as the decision process is so often difficult as this is a major life decision.
However the video information I have provided will help you in more ways than one. It will provide you with a base of knowledge that will be unmatched by anything on the net. It will simply provide the facts without bias and you’ll find it most useful.