San Diego, CA -- (SBWIRE) -- 03/12/2014 -- Senior citizens often find they are dealing with a multitude of issues that are new to this stage of life. Some find they aren't adjusting well to retirement and more free time, while others begin to experience health issues. When a senior finds the money they have saved for retirement just isn't enough to meet daily living expenses, many turn to reverse mortgage lenders for assistance.
"Before one makes use of a financial product of this type, he or she needs to ensure they have the information on reverse mortgages needed to make the right decision for their personal situation," the team at Security 1 Lending declares.
When one chooses to take out a reverse mortgage, the bank pays the home owner a percentage of the equity he or she has built up in the home, and the funds needn't be repaid until the borrower permanently leaves the home or sells it. Any senior over the age of 62 may obtain a reverse mortgage, but it is best for those who own their home outright or those who owe very little.
"As the money can be used for any reason, seniors often find this is a good way to finance unexpected expenses that arise during retirement. Even those who carefully plan for their senior years may find they don't have enough money to meet their needs. With a reverse mortgage, individuals don't have to rely on other parties for part or all of their support," the Security 1 Lending team explains.
Lenders don't take the home, which is a common misconception concerning reverse mortgage products. The homeowner retains the home and its title when this financial product is selected, and heirs aren't responsible for repaying the debt as the lender only gets paid when the property is sold. According to Security 1 Lending staff members, any balance which remains after the property is sold is satisfied using the mortgage insurance premiums paid to HUD through the reverse mortgage.
Before one choose to obtain a reverse mortgage, they need to speak to someone who specializes in this type of financial product to ensure other choices wouldn't benefit the borrower more. "Contact Security 1 Lending to learn more about reverse mortgages and other financial products available to seniors in need of extra income. Security 1 Lending strives to provide home owners with solutions that improve their quality of life as that is always the main concern," the Security 1 Lending team proclaims.
About Security 1 Lending
Security 1 Lending provides homeowners with informative and educational reverse mortgage information to ensure the individual's experience with the process remains a pleasant one. The company never pressures consumers as staff members strive to develop an honest and ethical relationship with each customer, building this relationship on a foundation of trust. The goal remains to provide every homeowner with financial independence while demonstrating integrity, loyalty, compassion and a solid work ethic at all times.