What Is A Reverse Mortgage?

President Ronald W. Reagan signed the FHA Reverse Mortgage Legislation (S. 825) on February 5, 1988 and congress has been improving this program ever since. If you are a senior over 62 and own 35% or more of your home, you may be eligible to tap into your equity and pull funds for whatever your need is.

According to AARP 48% of all senior citizens (half!) are pulling funds from their retirement, savings, equity and other solutions to help their children during these struggling times.
The economy is in a recession, we're in a war, natural disasters, high gasoline prices etc... Most senior homeowners are looking for a solution to remedy the above problems. Fortunately, there are options. A reverse mortgage may be the right option for you. We have found that senior homeowners are using this equity strategy to utilize services such as:
Pay off existing mortgage(s)
Stop mortgage payments
Enhance lifestyle
Take a vacation(s)
Pay off credit card(s) or any debts
Repair/remodel home
Add extra monthly income
Pay for medication(s)
Stop a foreclosure
Help out a family member
Buy a recreation vehicle

Congress approved this program and it is FHA insured.