“With more and more seniors being forced to return to work after they have retired, the reverse mortgage is quickly becoming a source of relief in times of need”
Online PR News – 08-July-2010 – – “With more and more seniors being forced to return to work after they have retired, the reverse mortgage is quickly becoming a source of relief in times of need”
San Diego, California, June 30, 2010-- Instead of being forced to go back to work or eating into their dwindling retirement funds, seniors can use the equity that they have built in their home, putting their long time home to work for them instead of the other way around.
LegacyReverseMortgage.com, a website dedicated to clear and easy-to-use financial information is now proud to present a reverse mortgage calculator in addition to other helpful tips, guidelines, informative articles and the handy, easy-to-use tool that can allow the average user to determine if they are eligible for a reverse mortgage and how much they could see from their home.
Traditionally, a reverse mortgage has several upfront costs associated with it, however Legacy Reverse Mortgage now offers a “No Closing Cost Reverse Mortgage” for certain fixed-rate reverse mortgages. Exclusions do apply though, be sure to contact Legacy Reverse Mortgage for more information.
A reverse mortgage is only available for people who are 62 years of age or older, as well as a number of other restrictions. While there are a few restrictions for those who can apply and be approved for a reverse mortgage, there are also restrictions for those who can issue one as well. Because they are government insured, reverse mortgage applicants must speak to a government approved counselor before proceeding. There are currently over a million seniors who are receiving money from a reverse mortgage.
A reverse mortgage payment can be taken as a lump sum payment, a recurring, monthly payment, as a line of credit or any combination of all of three. The money can be used for any purpose at all, from regular monthly bills and expenses or larger expenses such as home repairs, health care or vacations.
The interest rate for a reverse mortgage is either fixed or adjustable, and often depends on how the customer wants to receive their proceeds. Fixed-rate customers must draw all of their available funds at closing but get their rate fixed for as long as they continue to live in the home. Adjustable-rate customers can combine the options above for a more flexible alternative.
For more in-depth information, the site features videos regarding the reverse mortgage and other financial products. The site also encourages anyone who is interested in a reverse mortgage or other financial products to get all the information that they need before making any decisions.
In addition to being able to use the reverse mortgage calculator on their own, users can use the toll free number to get assistance, twenty-four hours a day. A live chat feature is also available and can be accessed from 8 am to 5 pm PST.