California Reverse Mortgages Give Seniors Financial Security
Released on = April 5, 2006, 1:54 pm
Press Release Author = Camelot Marketing
Industry = Financial
Press Release Summary = California reverse mortgage
information shows how seniors can be financially secure with
additional income. Reverse mortgage income can be used in any manner
including payment of medical bills or vacation
Press Release Body = Over 150,000 seniors have already benefited
from reverse
mortgages. A California reverse mortgage is a loan that enables
senior homeowners, age 62 and older, to convert part of their home
equity into tax-free income-without having to sell their home, give
up title to it or make monthly mortgage payments. The money can
be used for anything, from daily living expenses, home improvements,
healthcare expenses, paying off existing debts, or simply enhancing
the retirement
years. For many people, the money provides a \"financial security
blanket,\" in case unexpected expenses arise. You need not pay back
the reverse mortgage loan to the lender nor make any monthly mortgage
payments until the home is permanently vacated. The money received
from a California reverse mortgage loan can be used in any manner
and because it is not considered income, it is tax free and will
not affect Social Security or Medicare benefits. It is recommended
that a CPA be consulted regarding the specific situation. A California
reverse mortgage loan can help parents create a new source of tax-free
money without having to sell their home. In fact, they can stay
in the home and tap into money they\'ve earned in the form of home
equity and avoid having to depend on relatives for financial assistance.
Full title of the home is retained without any risk of losing the
home to the lender. And no matter what happens to the housing market,
seniors can never owe more than the value of their home when it
is sold. When the last-remaining parent passes away while living
in the home, the heirs simply pay off the reverse mortgage
principal plus accrued interest. If heirs want to keep the home
in the family, a new traditional mortgage can be arranged. If no
one in the family is interested in keeping the home, it can be sold
to repay the loan. Any money left over goes to the estate to be
shared according to the seniors\' last wishes.
For more information on a California reverse mortgage loan please
call 866 398 4664 or go to:
FreeFinancialConsulting.com offers free, no obligation, advice in
all areas of personal finance including insurance and home loans.
In addition to California reverse mortgage information, advice on
other mortgage
products such as refinance and debt consolidation is available.
Web Site = http://www.freefinancialconsulting.com
Contact Details = Keith Hunt
8190 Orchard Street
Alta Loma , 91701
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