With foreclosures on the rise, baby boomers and senior citizens are falling behind on their monthly mortgage payments. There are also those who are not in danger of foreclosing, but their current monthly mortgage payments are significant leaving them little to live on each month.
A reverse mortgage can end the payment nightmares for them AND they will never have to make another mortgage payment ever again! You can use reverse mortgages to end your current forward mortgage and since you will not have any more payments, that will help with your monthly cash flow problems.
In summary, this move eliminates your current mortgage payment forever without having to sell your home.
Many people think their homes are at risk with a reverse mortgage but that is far from the truth. You can never lose your home and you can pass it on to your heirs. It is federally insured by the FHA so you can never get upside down with a reverse mortgage.
It is a great way to live through a tax-free no payment vehicle like a reverse mortgage and does not have any impact on social security benefits, your pension, or medicare.