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Mortgage Broker in Waterford, Michigan Explains "Reverse Mortgages" a Home Refinance Option for Seniors
Economic times are especially tough for seniors today.  Many have worked for years expecting a nice pension, just to have the rug pulled out from under them when the company folded or they just cut back on benefits.  Others are forced to continue working well into their 70's and 80's.  Some will never enjoy retirement.  This is a sad situation.  The good news is there is now a solution for those who own a home. 
 
The reverse mortgage for seniors is a government regulated program that allows seniors who are 62 and older to draw upon the equity in their home to supplement their social security and pensions.  The beauty of the reverse mortgage is that it does not have to be paid back until the senior dies, moves or sells the home.  Credit is not an issue as the reverse mortgage is determined by the equity in the home and the age of the applicant.  The money can be used for whatever you choose, including home repairs, college for grandchildren, vacation and travel, long-term care or anything else you may need it for.
 
In most cases, if it sound too good to be true, it is; however, read ... more

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