Innovative Program Provides Financial Security to Seniors

Innovative Program Provides Financial Security to Seniors  

All across the country, homeowners over the age of 61 are enjoying financial 
security through participation in the FHA-Insured reverse mortgage program. 
 This innovative program allows homeowners to draw tax-free income from 
their home equity without requiring monthly repayment.  No longer do older 
homeowners need to compromise their standard of living in order to keep 
up with rising expenses.   

For many Americans, the  "golden years" are not very golden.  Health care 
costs, home maintenance expenses and property taxes keep going up!  For 
someone on a fixed income, it's often a challenge to keep pace.  Now, thanks 
to the support of your elected representatives and with the backing of 
the U.S. Department of Housing and Urban Development (HUD), the reverse 
mortgage program provides a way to supplement their income.  

A reverse mortgage is a safe financial alternative enabling older homeowners 
to remain in their homes for years and enjoy a secure retirement.  Reverse 
mortgages enable older homeowners to access the built up home equity in 
their home with repayment of the loan deferred until they no longer live 
in the home.  Proceeds from the program are tax-free and can be received 
monthly, in cash or a credit line can be established.  

Historically, income qualifications have prevented many older adults from 
qualifying for traditional loans.  Until recently, many of these homeowners 
were forced to sell their homes and move in order to cover their expenses. 
 The reverse mortgage program does not have any income, asset, credit or 
employment standards.   

To learn more, individuals can contact:  Susan Shotts of Wells Fargo Home 
Mortgage at  877-953-4225  (Toll Free).


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