New York, NY -- (SBWIRE) -- 05/03/2013 -- Reverse Mortgage 101, a product of Red Wagon Mortgage, LLC, New York City has announced it is providing lending services at no fee throughout May, June, and July to qualified individuals. In addition to making available full details on the application process, interest rates, and counseling, the site includes a wealth of information for people wondering just what is a reverse mortgage.

The website is an educational resource with tips, a calculator and a series of pros and cons for those who are considering this option. Customers are often homeowners who owe little to nothing on the original price of the house or equity credit lines. A reverse mortgage is ideal if the value of the house has gone up and someone has immediate financial needs. Customers are often seniors who have owned the house for a long time and want to pay off the original mortgage or need extra cash or to pay for medical care or daily expenses.

Also, the site explains how to get a reverse mortgage, available to homeowners over the age of 62. As long as the homeowner lives there, the loan itself does not have to be paid back. This eliminates monthly payments, making owning a home at an older age easier and more convenient.

In addition, various rules and how to get a reverse mortgage are covered, adding to the already beneficial offerings by the company. Visitors get a rundown of eligibility requirements too. The information available is intended to make things easier; while the company’s no fee service for these three months is even more convenient to prospects and customers.

To get a reverse mortgage, homeowners have to qualify according to the rules of the Federal Housing Administration. There are a variety of fees which apply and Reverse Mortgage 101 seeks to make things easier for customers who are struggling financially and want to have this type of loan. To learn more and take advantage of the company’s no fee policy for May, June, and July, visit http://www.reversemortgage101.com

About Reverse Mortgage 101
Reverse Mortgage 101, part of Red Wagon Mortgage LLC, offers a variety of services and in-depth information for homeowners who are eligible. It is a Federal Housing Administration and U.S. Department of Housing and Urban Development approved lender. The company provides counseling plus specifics on eligibility and the application process. Information on its program is available by calling 1-888-588-0944 Eastern Standard Time USA.

Contact
Russell Tunick
NMLS #305398
1-888-588-0944
New York, NY
rtunick@seniorfinance.com