Santa Ana, CA -- (ReleaseWire) -- 07/09/2007 -- California-based Reverse Mortgage Lending, Inc. Specializes in FHA insured Reverse Mortgages and currently serves California and Hawaii. Each month they are seeing more and more seniors facing a serious financial dilemma.
“Rising medical expenses, higher energy bills, and the increasing cost of property taxes, homeowners’ insurance, and property maintenance, all contribute to serious financial concerns.” Said Vince Welter, Vice President of Reverse Mortgage Lending Inc., noting that the ability for many aging family members to make ends meet and afford to stay in their home is becoming more difficult. “The great thing about a Reverse Mortgage when facing a difficult situation such as a foreclosure, is that there are no credit or income requirements to qualify”
Rising debt can be the first sign that aging family members are no longer able to maintain their current standard of living. According to a September 2006 study by the Employee Benefit Research Institute (EBRI), the level of debt for those 75 or older has substantially increased, potentially risking financing their remaining retirement years. The debt for these senior adults increased in 2004 to 40.3 percent, up from 29.0 percent in 2001.
“The rising number of foreclosures across the country has led to a dramatic increase in “foreclosure investors”, many of whom may try to take advantage of a senior in this horrible situation. Many seniors we talk to in this situation are unaware that a Reverse Mortgage could be their saving grace,” said Welter.
A Reverse Mortgage enables homeowners who are 62 and older to turn part of their home’s value into immediate cash, for any purpose, and with no repayment for as long as they live in their home.
The purpose of the Reverse Mortgage is to turn what was once inaccessible --- the value of one’s home --- into a liquid asset for use by seniors at a time when they need it most. “Seniors have worked hard for the equity in their homes; finally there’s a way that these earnings can be accessed in a great time of need without any income or credit requirement” said Welter, “We seek to educate the public at-large and seniors specifically about access to this valuable resource.”
