| Most people find that they spend too much time | | | | you are using existing equity. |
| thinking about, planning for, and dreaming of their | | | | Does Everybody Qualify? |
| post-retirement years. These dreams often include | | | | In Arizona, you need to be at least 62 years old, and in |
| fantasies of living a utopian life minus the worries of | | | | Florida 65. In both states you will be eligible if you own |
| working life and looking forward to the next visit from | | | | your home outright, or if you have an existing |
| the grandchildren. Retirement is seen as a time where | | | | mortgage. The size of your loan will be based on |
| special interests are explored, new skills are cultivated, | | | | factors like your age, the kind of loan you want, the |
| family and friends are enjoyed more, and life is lived to | | | | value of your home, and the current market interest |
| the fullest. Unfortunately, the retirement years are filled | | | | rates. |
| with challenges of all sorts because of the decrease in | | | | How Do I Pay My Reverse Mortgage Back? |
| the income level. Arizona and Florida are two states | | | | You will need to pay your reverse mortgage back if |
| where this is a common problem due to their high | | | | the last survivor either moves out or expires, all |
| populations of retirement citizens. When finances | | | | borrowers permanently move from the home, you |
| become a challenge, one option available to Arizonians | | | | stop paying property taxes or home insurance, or the |
| and Floridians is that of a reverse mortgage. This | | | | property deteriorates beyond reasonable wear and |
| enables older Americans to live in comfort and security | | | | tear and you do not resolve the issues. |
| in their own homes by turning their equity into a | | | | Will My Heirs Be Responsible For My Reverse |
| monthly income. | | | | Mortgage? |
| What Is A Reverse Mortgage? | | | | Your estate will be responsible for your reverse |
| A Reverse Mortgage is simply a unique mortgage or | | | | mortgage. If your home is sold in the event of your |
| loan taken out on your home that enables retired | | | | death, the estate will repay the lender from the cash |
| American citizens to use the equity you have built | | | | received. Any remaining equity will go to your heirs. |
| while at the same time maximizing your specific | | | | You can never get a loan that exceeds the value of |
| flexibility to meet your financial needs. It could be used | | | | your home, so the proceeds from the home will repay |
| as a lump sum to pay medical bills, or simply a set | | | | the loan with sufficient remaining from your heirs. None |
| amount of monthly income to supplement your current | | | | of your existing assets outside of your home value will |
| income. | | | | be affected. |
| What Are The Benefits To A Reverse Mortgage? | | | | For many retirees in Arizona and Florida, a reverse |
| The key to a reverse mortgage is that there are no | | | | mortgage can greatly improve their standard of living. |
| ore-payments on it as long as you live in your home. | | | | They are enabling older residents of Arizona and |
| With reverse mortgage you can eliminate your | | | | Florida get a taste of better financial security and |
| mortgage payment and have some extra cash. In both | | | | enjoy their retirement years in the very Utopia that |
| states of Arizona and Florida, the income you receive | | | | they had imagined. |
| is tax-free and there are no income qualifications as | | | | |