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Home Equity Loan - Reverse Mortgage - Money From Heaven?
By J Krohn
Somewhere in the neighborhood of 78 million Americans will be reaching retirement age in the next decade. It will put a strain on the social security system at the very least. At the worst....who knows. That's a discussion for another day.
The government is not the only ones that will feel the pinch. It is safe to say that most Americans haven't done a good job preparing for retirement so their resources are very limited. This is where a reverse mortgage can make growing older much more enjoyable. It would be money from heaven.
A reverse mortgage is available to homeowners 62 or older who own their own home. Like the name suggests instead of paying money in to build up equity in your home, a reverse mortgage allows for "withdrawals" literally for any use imaginable.
The money can be withdrawn in a lump sum, a line of credit to be used at the homeowners' discretion, regular monthly payments or a combination of the three.
The popularity of the product will no doubt bring about better rates and new wrinkles in the future as competition for this huge market heats up.
For millions of Americans who own their own home and have little else for resources it could be a lifesaver in many ways. One that comes to mind is long term health care. There's little public assistance for home care and you may not qualify for Medicaid to pay for nursing home care.
Most people given the choice would rather stay at their home as long as possible but the cost of home care is very expensive. The solution is a home equity loan reverse mortgage.
The money from a reverse mortgage can be used for anything from that life long dream of a trip around the world to paying off debts. As the graying of America continues one of the best uses of proceeds form Reverse Mortgage could be to pay for long term care either at home of in a long term care facility. Money from Heaven!
Jack Krohn is a leading free lance writer on Home Equity and Mortgage issues with over 50 articles to his credit.
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