Retired seniors living off investments are struggling with the economic downturn. In fact, many are returning to work, and by 2014, the number of workers age 65 and older in the labor pool is projected to grow by 74 percent, according to the Bureau of Labor.You're already retired, are living in your home, have paid off most or all of your mortgage, but are short on cash and have bills coming due. Your bills may be health-related, or maybe you're struggling with mortgage payments or higher property taxes. Perhaps your house needs some fixing up - a new roof, or making it more accessible so you can live your golden years at home.
Why not use the equity you have in your house to pay off the bills or get your improvement projects completed?
Taking out a Home Equity Conversion Mortgage, also called a reverse mortgage, might be the perfect solution for you, allowing you to live at home, yet pay off the bills based on your home's equity.
Loan amounts vary depending on how much equity you have in your home, your age and the current interest rates. Some of the benefits of reverse mortgages include:
* You get to live in your home for the rest of your life or until you sell it.
* If you have an existing mortgage, it is paid off.
* You can receive your choice of either monthly payments from your reverse mortgage, a one-time lump sum payment, or a line of credit to handle your current bills.
A reverse mortgage lender can calculate the loan amount you qualify for with your home's equity. Visit www.newretirement.com and fill out the request form to have a lender contact you within one business day. Copyright © 2009, ARAnet, Inc.
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