Reverse mortgage loans offer an opportunity to take a part of the equity out, but still to continue living in an old flat. And as long as you own your flat or house and live there, you do not have to pay the loan back. The flat remains in your name.
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The National Council on Aging and The MetLife Mature Market Institute have recently released a study that carefully looks at home equity and reverse mortgages for seniors. This is important information for any family considering a reverse mortgage in Los Angeles, CA. Please take the time to download and read this material!
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Cheryl Olsome was a traffic-stopper in her prime. Even at 55, with four grown boys under her maternal belt, she retains her drop-dead Nordic beauty: Tall, blond and elegant. You cannot tell from her calm presence that she has any cares in the world. But appearance can fool us. Beneath the beauty, underneath the mild make-up, below her Nordic calm is an ocean of worry. She worries about her family’s financial survival. She agonizes about her husband’s acute joblessness. She frets about their retirement security for they have depleted their savings and the 401k account they had when her husband Peter had steady employment.
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Money Management International (MMI) announced that as of July 1st, 2009 it’s no longer charging clients for reverse mortgage counseling. According to a company statement, MMI believes it has sufficient grant funds to cover expenses until at least October 2009, at which time new HUD grant funds will become available.
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I saw this article written by Phillip Moeller in The US News and World Report and thought you might want to take a look.
If you are considering a Reverse Mortgage in Los Angeles CA, this is important information to have! Visit us at www.allwestmortgage.com.