California Reverse Mortgages by your Sacramento Reverse Mortgage Provider

Reverse Mortgages Helping Seniors During Recession!

by Zachary Scott
May 26, 2009

Today seniors are
experiencing the recession in each facet of their livelihood.

Rising
living and housing costs and potential cuts in social security and losses in annuity values plus
skyrocketing health issues are hurting seniors.

Sadly, many owners are not conscious of
the opportunity the reverse mortgage loan provides them.

With no penalty to
the borrower and nothing personally to repay, the reverse mortgage is
roughly free cash as a return for the prior years spent paying a
mortgage.

In this recession, reverse mortgages become a lifeline to
seniors, helping them save their home and make the best of their
retirement years.

Many naysayers are under the belief that reverse mortgages are expensive.

Expensive compared to what?

Should be your next question.

Compared to having a house payment for the rest of your life.

Compared to leaving your heirs a house payment that they may not be able to afford.

The reverse mortgage has been about for decades,
helping senior householders who are battling to manage their rising
doctor’s bills and other costs during their retirement on top of home
loan payments.

The program permits these homeowners to convert equity
in their houses to a tax free revenue, without increased mortgage
payments, and without the chance or fact of having to sell their home
or sign over the title.

But what happens to even the most stable and
trustworthy of programs in the middle of an industrial recession?

When
it comes to Reverse Mortgages, they only gather strength and continue
to support borrowers.

The U.S. Dept of Housing and Urban Development (HUD) raised the reverse
mortgage boundaries to $625,500 to help the economy and supply
immediate relief to senior homeowners facing unaffordable payments.

Now is the best time in history to be accepted for a Reverse Mortgage Loan.

The implementation of this limit has increased fiscal options for
senior owners in this hard time and will noticeably reduce the burden
of retirement in the recession.

The new limit is just about double
that of the limit from before the last increase in 2008, which
consisted of a jump from $362,790 to $417,000.

The new national
lending limit increase arrives as a part of the American Recovery and
Reinvestment Act of 2009 ( ARRA ), and will be in effect till December
31, 2009.

The new limit is applicable to loans which have just been
licensed in 2009 as well as loans that were outstanding in 2008 so
long as they’d not receive credit approval before the new year.

Now is
the best time to enroll for a Reverse Mortgage, with the lowest rates
in history and a time where fiscal stability is most vital.

Seniors
simply can’t afford to overlook the advantages of a Reverse Mortgage
in a depression.

Seniors might be in the prime of their life, but
become more financially exposed and less resilient when outside
circumstances threaten their pension funds.

Seniors who own their home
may not realize they are sitting on a savings pot that might permit
them more financial independence in a recession than in a time of
industrial excess.

Getting a quote from us is free and easy and has no obligation, just fill out the form on the right of page or call us at 866-309-6626.