Monday, May 31, 2010

Reverse Mortgage for Senior Citizens

We are struggling for each and everything from the day we born to the end of our life in this world. Kids struggle to study, teenagers’ struggles to find a new girl friend, a family man struggles to earn money, old man struggles in sick and so on. Though all people do not fight back for the same reason, but each and everyone has unique reason which depends on their goal and mentality. Especially people who crossed a certain limit of age are pushed to a critical situation if they have heartless kids who decided to live away from their parents even those old people does not have enough wealth to run their life. Everything should be well arranged while we are in good position and we should make sure that we should stand on our own legs till the end of our life. All are not financially strong to lead luxury life. So to live such life all go into the idea of getting loans because in today’s world it’s easy to get loans than repaying it. People get the loans for different purposes they will get different types of like home loans, vehicle loans, mortgage loans etc. Nowadays many things can be got on EMI’s but people are not able to settle it every month. So finally they land into a state of sadness and pressure even though they got what they needed, they don’t live peacefully.

Suppose if you own a house and you are critical situation for the need of money, then you can get the mortgage loan which is as usual as everyone knows. In mortgage loan, you receive certain money you need as a debt by keeping any property as a security. But in the case of reverse mortgage, the lender will pay money to the borrower under certain conditions. Reverse mortgages applies to the people who are 62 or older who should own a home. They should not have any pending mortgage loan and also no income or credit qualifications. They get the funds which can be used for any purpose and they do not have restriction in using the funds. HECM conselor reverse mortgages are "nonrecourse" loans which is one of the major advantages of house loan. Visit www.allrmc.com to get the reverse mortgage loans in a safe environment. You can measure your loan amount by their reverse loan calculator. The loan given by All Reverse Mortgage Company is tax free and they treat their customers as family members.

6 comments:

  1. Hi Basha,

    You’re absolutely right. Reverse mortgages are indeed a very good option for seniors who are in need of money, but cannot qualify for a loan. In fact, a reverse mortgage is a much better option than a traditional loan. You do not have to make monthly payments to the lender. In stead, the reverse mortgage lender would pay you money either in lump sum or in installments. As a borrower you do not have to go through stringent income and credit checks to qualify for this type of mortgage.

    Another important point you mentioned is that the borrower is free to use the reverse mortgage funds for his personal use. Thus, if he has a few unsecured debts to repay, he can pay them off using the funds from the reverse mortgage. In case he has an existing home mortgage on the property and cannot make the monthly payments, he can obtain a reverse mortgage and pay off the existing home loan with the money. However, there has to be enough equity in the property and he has to meet certain qualifying criteria in order to do so.

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  5. Subject: Please Remove Our Links

    Hi Lina,

    Hope you are doing good. This is Michelle, Web Consultant for All Reverse Mortgage Company (www.allrmc.com) I am sending you this mail with a request to remove our site's link from your site due to some serious reason. So, I am requesting you to remove our link from here,

    Link: http://crankdesigner.blogspot.in/2010/05/reverse-mortgage-for-senior-citizens.html

    Anchor text:
    reverse mortgage
    reverse loan calculator

    Landing page:
    http://www.allrmc.com/
    http://www.allrmc.com/reverse_mortgage_calculator.php

    Please remove the link as soon as possible.

    I hope, I will get positive coordination from you soon.

    Thanks & Regards,
    Michelle Turner
    Web Consultant @ All Reverse Mortgage Company
    michelle@allrmc.com

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