Tempe, AZ -- (SBWIRE) -- 03/22/2012 -- Due to the struggling economy, “the golden years” are anything but that for millions of retirees.
Retirement accounts that used to carry comfortable balances have shrunk considerably, many have lost money in the stock market, and too many senior citizens are being forced to continue working long past retirement age.
One way that senior citizens can increase their cash flow and reduce their emotional stress is by applying for a reverse mortgage, otherwise known as a Home Equity Conversion Mortgage, or HECM. Since 1989, this type of mortgage has helped older homeowners convert some of the equity in their homes into tax free cash.
But knowing how to go about applying for an HECM can be a confusing process for many people. Most retirees aren’t really sure about the idea of reverse mortgage help and if an HECM would apply to them, and many have questions about how much they money would qualify for.
A website has been getting a lot of attention lately for its variety of helpful and educational articles that help take the confusion out of the topic of reverse mortgages.
Reverse Mortgagesv explains in easy-to-understand terms everything that retirees need to know about HECMs—from who qualifies for one to what the guidelines are and more.
Interested seniors are welcome to apply for a free personalized reverse mortgage quote right on the home page; all they have to do is enter in some basic information on the safe and secure application form. If they prefer, retirees can call into the Reverse Mortgagesv company and a friendly customer service representative will help them by phone.
“The best part is that there are NO repayments to be made for as long as you live in your home. You are still responsible for keeping your property taxes and homeowners insurance current as well as keeping your home in good repair,” an article on the website explained.
“Single family homes, FHA approved condos, townhomes, 2-4 unit homes, modular homes and manufactured homes that meet FHA guidelines are eligible as long as they are your primary residence.”
The website also features a reverse mortgage calculator on the home page that can help retirees how much they might get back from an HECM.
About Reverse Mortgagesv
A reverse mortgage is a way for elderly homeowners to tap the equity that they have in their home and enjoy the rest of their lives without having to be stressed about the capital that they need to live on a daily basis. Reverse Mortgagesv is a way for them to get a free quote and get set up with a cash offer for their home while letting them keep their house. For more information, please visit http://reversemortgagesv.com/