The Christmas Holiday season is quickly coming upon us. If you are a retired senior and are living on a fixed income perhaps you have thought about a Reverse Mortgage loan to ease the Christmas Holidays for gift giving or for paying off past credit card debt. Paying off your mortgage is a worthy goal and living in a home you own outright, provides valuable financial security. However for many seniors, tapping the equity in their homes is a necessity, especially during retirement.

Reverse Mortgages are gaining in popularity, yet only 2 % that qualifies for one understand how a Reverse Mortgage really works. It allows homeowners 62 or older with equity in their homes to receive cash payments from their home equity, with no repayment required until the home is sold or they are no longer living there. If they still have a regular mortgage payment, the Reverse Mortgage allows them to eliminate their payments. Can you imagine how your life would be without a monthly house payment? Now you could quit working and spend more time this Christmas Holiday Season with your children or grandchildren.

A Reverse Mortgage loan could be the ideal solution for people who need a backup plan for their long term financial goals. They are basically guaranteed this income as long as they remain in the home even if the monthly cash they receive eventually exceeds their home's worth. Many people choose this type of loan since they can have the money to live on and still live in their home at the same time.

The biggest question seniors ask "Does the bank take my house?" Absolutely NOT. When the last surviving spouse passes away, the loan becomes due. The heirs or estate can sell the house, pay off the existing mortgage (as you would have with any mortgage on the property), and keep whatever is left. If you owe more than the property is worth, FHA pays the difference for your heirs.

Let us help you figure your estimated home value and then we can determine the amount of a Reverse Mortgage and which Reverse Mortgage loan would be right for you. That way you will be able to arrange your long term financial plan so that you can enjoy the Christmas Holidays and your retirement completely.

To learn more about a Reverse Mortgage and how it can help you enjoy your retirement, visit my website at: https://www.thefederalsavingsbank.com/garycrist or contact me directly at 1-888-546-9927 for a personal consultation and written mortgage analysis.