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Reverse Mortgage Options

by izea on April 27, 2012

This is a Sponsored post written by me on behalf of allreverse for SocialSpark. All opinions are 100% mine.

Living in Florida I have a lot of elderly neighbors not to mention elderly clients at work.  There are a lot of scams on the elderly and I think many feel like reverse mortgages are scams which they are not.  That being said, reverse mortgages certainly aren't right for severy senior citizen but with guidance from the proper professional to help you weigh the pros and cons they certainly are able to help some!

All Reverse Mortgage is a family-owned company that specializes in reverse mortgages for seniors over 62 years of age.  Previously reverse mortgages had a lot of fees charged and were usually considered a last resort but times have changed.  Reverse mortgages are now more similar to traditional mortgages with low or no closing costs and competitive interest rates.

Reverse mortgages are not for everyone – you need to be 62 or older and own your home.  A reverse mortgage lets you pull money out of your home using this fedeeral program.  You can elect to take monthly payments or a lump sum and the loan payment is deferred until you sell the home or pass away. 

ALLRMC.COM is a blog-style site with many informative articles you can review as well as a free calculator so you can see how much money you qualify for along with fees and interest rates for the reverse mortgage.    If reverse mortgage is something you or your loved one are considering visiting ALLRMC.COM would be a good first step as would be consulting a financial planner or other financial advisor. 

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{ 2 comments… read them below or add one }

1 Jessica April 28, 2012 at 4:26 pm

I’m very disappointed that you would recommend a reverse mortgage. After watching what my mother had to do to try to keep her sister’s house, after her passing to only find no other choice but to sell it and pay the attorney fees, she had only six thousand dollars left from her estate and the bank had the home she dearly loved. My father in law has a reverse mortgage on his home that he got when he was 62 and now he is worried about all the terms that are in it because he owes way more on the loan than the house is worth. He is worried that if for any reason he cannot live in the house for a period of time due to illness or damage (like a hurricane) the bank can legally take the house away from him. (a real possibility with the terms of his loan). It also leaves nothing to his kids or grand kids (not that we are looking for an inheritance) but, it seems to be a contradiction to a frugal lifestyle of preparing for retirement and a green light to have extra money to waste.

2 Nicole April 28, 2012 at 5:51 pm

Hi Jessica: Thanks for your comment. I definitely don’t think reverse mortgages are for everyone as I said in the post. That being said, there are people and situations where reverse mortgages are definitely a possibility that should be explored. Reverse mortgages can be an integral part of a sound financial planning portfolio and like I mentioned in the post, you should consult a financial advisor or planner before getting one.

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