Now that the holidays are over and we all enjoyed spending time with our family and friends; don't be surprised if you begin to receive emails and or phone calls from relatives that you have reconnected with during the holiday.
I just happen to be the only real estate agent in my family, and noticed a lot of my older relatives were very inquisitive about investing and or making money. I began receiving tons of emails from older relatives inquiring about ways to increase there income in 2008. So, I began to do my research and came up with the following that I thought I would share. It's not a new concept, but one that might well serve you and or your family or baby boomer clients.
I recently read an article about how baby boomers (turning 62 this year), about 3 million to be exact, are looking for ways to increase there income. If you are a senior and living beyond what your retirement pays you and or you do not qualify for a home-equity loan because of your income; the reverse mortgage may be the perfect solution to help you with your cash flow crunch.
A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
all at once, in a single lump sum of cash;
as a regular monthly cash advance;
as a "credit line" account that lets you decide when and how much of your available cash is paid to you; or
As a combination of these payment methods.
No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.
For further details on this type of loan, visit HUD’s website: http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
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