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Z Reverse Mortgage is an online financial assistance portal which helps in connecting seniors with financial institutions or lenders who specialize in Reverse Mortgages. http://zreversemortgage.com/
1 year ago

Reverse Mortgage – A Plan For Senior Citizens To Increase Their Income

Aug 14th 2015 at 7:55 AM

Are you a senior citizen and looking for a monthly income that could help you to meet your requirements? Then have you considered the reverse mortgage option? A reverse mortgage is a kind of loan that allows you to substitute a part of your home equity into cash. These reverse mortgage loans are government supported loans and the major advantage is that you need not pay mortgage payments to the lender but the lender will be paying the payments for you. There are many Reverse Mortgage companies in Illinois that assist you through the process. Once you apply for reverse mortgage, Reverse Mortgage lenders in Illinois assist you in every way. They will estimate and can tell you how much amount you can expect. Basing on your choice either you can receive the amount as one large amount or can receive as monthly payments depending on your requirement. There are many advantages with reverse mortgage. To name a few

 

  • Have an income monthly
  • Can stay in your own home
  • No need to pay mortgage payments
  • Maintain your savings
  • Earn more money

You can use the cash in any way you want and still be the owner of your house till to the end of your days. The first and the foremost step is to meet with an HECM counselor once you decide to go with reverse mortgage plan. The counselor assists you in understanding the procedures and explains you clearly about the pre requisites and eligibility criteria to apply for the reverse mortgage. Reverse mortgages in Illinois will help you every way in making you understand the reverse mortgage plan and how well you can be benefitted from the program. Not only reverse mortgage companies in Illinois Reverse mortgages in California are also well known for their services and valuable assistance. After your property is confirmed eligible for the reverse mortgage the companies will help you in finding a lender. There are many companies that offers you with the services for reverse mortgage but it is advisable that you choose a certified service provider as you can depend on them for their valued services. They help you in finding out the loan program that best fits you and also helps you in finding out the approved lenders. The reverse mortgage program is really a boon to all the senior citizens using which they can increase their income and have savings and that too residing in their own home without any worries and tensions. To apply for the reverse mortgage program the applicant should be 62 years of age and the property you intend to use for reverse mortgage should be approved by FHA. This program is mainly designed to help retired employees whose income is limited. The cash obtained through this program can aid them in their time of need and support them for their daily living in comfort and happiness. While approaching reverse mortgage companies do not go for anyone but use the services of a company that is most trusted and well known.

 

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