If you are retired and alone and need financial support, nobody will be there to even listen to you. Your kids are married and they are on their on their own. They are so much tied with their own commitments that they really cannot help you. You are hapless and helpless.
One good thing you have done over the years that you have owned a home. You have built a home with your hard earned money. This property can prove to be your true companion in difficult times. You can avail a Reverse Mortgage based on your home.
A reverse mortgage is given against home and your lender will not ask you to make repayments immediately, at least as long as you stay in your house. As a matter of fact a reverse mortgage helps you turn the value of your home into ready cash. That can be done without moving away from your house. You don’t even have to repay it every month.
It is a financial resource especially for senior citizens, 62 years or older to access the equity in their house without paying required monthly mortgage payments. The best thing about a Reverse Mortgage loan is that there are no restrictions on how you can use the amount that you have raised. Moreover, the amount is tax-free.
The tax- free amount can be paid as a monthly cash advance, as a home credit line account, as a regular monthly cash advance or in a lump sum. It is immaterial how the amount is paid to you, you don’t need to repay it until you die or sell your home. As a senior citizen, you need extra cash or a line of credit to access anytime you choose.
May be you like to fund for your grand children’s education, help your favourite church or charity, help your parents with medical bills, or go for a far-away tour and to do all this reverse mortgages comes as a right financial tool.
About The Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-Credit-Buy-To-Let-Mortgages as a finance specialist.
For more information please visit http://www.adverse-credit-buy-to-let-mortgages.co.uk
