Helping Seniors Make Informed Financial Choices

We publish Senior Focus every month for one primary purpose.  While we do include general articles of      interest for seniors, the main purpose of our monthly newsletter is to provide fair and balanced information on Reverse Mortgages.  This month, we have included articles written by knowledgeable financial and money management authorities.  We strive to be totally     objective and fair, even though we believe that a well-structured Reverse Mortgage is the very best remedy for any senior who is either experiencing a gap        between the income they have and the expenses they are seeking to successfully manage.  For some, their income is sufficient, but there is not much left over for life’s little emergencies or life’s special rewards.  We believe from our hearts that for many a Reverse    Mortgage is the answer. 

For more information, please call Reverse Mortgage Specialist Harry Gordon at Lake Tahoe Mortgage at (775) 823-8400.

 

Dear Mr. Gordon:

Thank you for being so persistent.  You believed that we should take out a Reverse Mortgage and now we both know you were right.

Not having to make our house payment and the   additional income that is credited to our checking account each month has made such a difference.  We actually have a little left at the end of the month!  Not worrying about our bills every month has given my husband and me so much peace of mind. 

Please call me when you get this.  I know two single ladies who I think you can help. 

Thank you and your assistants for all you have done for both of us.

Mrs. C.K.

Carson City, Nevada

 

 

The following article by Marie   Beerens is excerpted from Investor’s Business Daily

For many retirees, their home—besides being their primary        residence—is often their largest asset.

Reverse Mortgages—a tool to take money out of your home while    retaining ownership—have grown in popularity in recent years.

Retirees older than 62 can shift part of the equity in their home into their wallets, using the money for home remodeling, a long-awaited vacation or as a gift to their       children.  All the while, they retain ownership and can live in their home.

The industry has gained popularity as the government has stepped into regulating the lending process. 

“The industry as a whole is up over 100% per year over the last two years,” said David Peskin, founder and CEO of the Senior Lending Network, the largest reverse     mortgage educator in the country.

Peskin said the industry will keep growing over time “as the           misconceptions of the product go away and more and more people recognize that it is a good product.”

Retirees owe a reasonable interest rate (currently 6%) on the money they borrow, but the payment is not due until the repayment of the debt or the sale of the house by their heirs.  This is a big advantage    versus a home equity loan or line of credit in which the borrower has monthly payment on the loan.           (continued on Page Two)         

(cont.)