Reverse Mortgages Significantly Ease Social Security Strain
My name is Arthur Kohler. With over 40 years of financial and legal experience, I specialize in addressing the needs and concerns of senior citizens in the community. I am a retired administrative law judge, the former director of the New Hampshire Long Term Care Institute, a member of the Merrimack Valley Estate Planning Council, and the New Hampshire Estate Planning Council. For the past 6 years I have dedicated my life to something that you may have been hearing more and more about on the television, in magazines, and newspaper advertisements….the Reverse Mortgage.
As this letter’s title suggests, reverse mortgages help in the inevitable social security strain America will begin having in the next few years as more retiree’s expect to receive full benefits from social security. The truth is, over 80 million Americans will be able to qualify for social security and even Medicare as well for the next 20 or so years. In 2008, the first batch of boomers will amount to about 3.2 million people who can be eligible to receive social security. By the year 2030, upwards of about 84 million Americans will apply for social security benefits. The United States economy will be spending 6% on social security expenditures and Medicare expenditures will soar from 3% to 11%. Jim Nusstle, the budget director for the white house told USA today in a recent interview that “In ten years, social security will turn upside down.” He refers to the time in which more money will be taken out than put into the system from taxes. What does all of this mean? Quite simply that social security will not be a sufficient form of retirement income for our nations seniors in the near future. To view the full story please visit the link at the bottom of this letter.
You may be asking yourself “now why would I need another mortgage at my age?” However, as of this year over 350,000 senior citizens in the United States have used this new financial tool to significantly increase their retirement income. It is the “Reverse” part that many people, young and mature alike do not yet understand. Right now in this paragraph I will outline the mechanics of the reverse mortgage. First, your home is appraised and the value is based on the age(s) of the homeowner(s) and the value of the home. You must be at least 62 years of age or over to receive a reverse mortgage. Next, once the amount of money you can receive is determined, you have several options to obtain the money either as a lump sum, line of credit, or monthly payments or a combination according to your preference. The bank makes its money on interest charged only when money is used by you. Therefore, the money that is left in the bank accumulates growth over time that is higher than the interest rate. All costs associated with obtaining the reverse mortgage are paid off at closing, and money from the reverse mortgage is used to pay off the fees. In essence, there are no “out of pocket expenses” on your behalf from doing a reverse mortgage. Finally, this loan is considered non-recourse, which means you will never have to pay back the bank more than what has been allotted to you in the principal reverse mortgage, fees, and interest. Re-payment is only due just after the passing on of the last spouse. If there is money left over, it is given to your heirs as a legacy. Your heirs, or assigned party will usually sell the home after the borrowers passing to pay off the reverse mortgage, or can re-finance to a conventional mortgage to keep the home. Most importantly, the bank will never take your home at anytime, and your heirs will never be left in debt. The reverse mortgage has been approved and is insured by the federal government. To this date, more than 350,000 seniors like you have taken part in this unique life-changing program to improve their quality of life.
In closing, the reverse mortgage is an important option that should be considered. I am always available and happy to answer any questions or concerns you may have. I can also prepare a reverse mortgage analysis on your home free of charge and with no obligation. As a result you will be able to know what you are eligible to receive from your reverse mortgage program. I thank you for your time and wish you the best.
Arthur M. Kohler, Esquire
Reverse Mortgage Director
and Specialist of the
Senior Trust Program
Office: 978-688-2480 ext. 10--order a free video and information today!
Cell Phone: 603-540-1522
Email: akohler@interate.com
Arthur M. Kohler, Esquire
Reverse Mortgage Director
and Specialist of the
Senior Trust Program
Office: 978-688-2480 ext. 10--order a free video and information today!
Cell Phone: 603-540-1522
Email: akohler@interate.com
Website: Visit http://www.myhomeforever.com/ to order a free video and information on our reverse mortgage programs---Access to all lenders
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