Seniors should consider reverse mortgage plan

One of the biggest problems for senior citizens is having enough money each month to put food on the table and pay for the bare necessities of life.

You find yourself too old and not physically able to work.

Have you ever considered the advantages of a Reverse Mortgage Plan? A reverse mortgage allows you to pull out the equity in your home now with no repayment obligation for as long as you continue to live in your home.

You can choose to receive the money as a lump sum or through a line of credit or in the form of fixed monthly payments for the rest of your life (as long as you keep living in the home).

The loan will not become due until you move or your home passes into an estate - and even then the repayment amount will never exceed the proceeds from the sale of your home.

Reverse mortgages are available exclusively to people age 62 or over who own their homes free and clear or have only a small remaining mortgage balance within certain limits.

They are offered only through qualified lenders around the nation.

For information, call 882-2513.