It seems that not a lot of people have heard of reverse mortgages or really understand whay they are. They don’t know what the age limits are, whether or not they would qualify for one or even that a reverse mortgage can be of considerable help to a couple who is facing financial strain and would otherwise have problems making ends meet. So I wanted to let you know what they are and how they could help you — reverse mortgages are out there, they do exist and they can be of benefit to you if you meet the conditions required to receive one!
If you have never even heard of them, checking out AllRMC.com would be the very first thing to do. The All Reverse Mortgage Company has a well designed site that explains everything in simple terms even someone new to the world of finance and money can understand. It’s easier than ever to use the reverse mortgage amortization calculator that they have on their site, and you can even see the rates that are available by clicking “Reverse Mortgage Rates” on the navigation strip towards the top of their page.
Their site can even help you find a counselor, too — in other words, someone who’s very familiar with no cost reverse mortgage loans and can help you through every step of the process and show you how to follow the reverse mortgage amortization schedule! I would strongly suggest this if you’re not already someone who is intimately familiar with the mechanics of finance, money and reverse mortgages. And looking at their list of available counselors, I would really go with CredAbility Counseling. They don’t take that long to get back to you, and they don’t charge a single penny to counsel you.
So, if you are a senior citizen who falls above the age bracket, you may quite easily be able to take out a reverse mortgage on your home. This gives you a safety net if you think you’ll ever need it, and even if you are in the throes of needing one, they’re a lot easier to get than most people realize. You can even read All Reverse’s blog, too! That breaks things down into their simplest definitions — for instance, you can learn there what a variable rate reverse mortgage is at their most recent post and there is a wealth of other information available as well.