The economic downturn can be stressfull to some seniors,especially those on fixed incomes. Savings accounts are shrinking, monthly income is minimal and living expenses, Long Term Care and home maintainence expenses increase.
There are available options that can relieve stress and related issues.
Seniors are able to use Reverse Mortgages for supplementing incomes.
Reverse mortgages allows seniors with substantial equity home equity convert some of the equity into cash.
The cash can then be used for home renovations or modifications to adjust to to abilities or lifestyle.
This article describes how an lives were changed when a portion of their home equity was converted into cash.
Stephen and Veronica (ages 75 and 68) have lived in the same home for 30 years. Stephen had developed some serious knee problems which made stair-climbing particularly difficult and painful.
Their 3-story home is free and clear and worth $350,000. They were very reluctant to move and did not know of the options available.
After some consultantation, Stephen and Veronica decided to take out a reverse mortgage to help them afford the needed maintenance. They were able to receive approximately $125,000 from the equity in their home.
After all modifications, Veronica,and the children,were more comfortable, knowing that Stephen could now move around the home with limited assistance.
Reverse mortgages have become a well-respected program and some are administered at the Federal level. Cash flows can be supplemented with the key variables to qualifications being home value and age. The senior applicant must be at least 62 years old and must have at least 50 percent equity in their homes.
Reverse mortgages are not for everyone, but for some people they can be a life saver.
Financial stresses should not be among the concerns of senior citizens. Making the right financial decision requires a little research and advice from professionals and family you can trust.
For more information and a Free Reverse Mortgage guide
http://eConsumersearch/recommends/revgage
