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Monday, November 26, 2007

Reverse Mortgages Explained by Specialist, Sigrid Hurn

Sigrid Hurn, of The Califonia Reverse Mortgage Company, a member of The Generation Morgage Company, recently explained the uses of reverse mortgages and answered questions at a forum. Seniors from the Central Coast Senior Center, San Luis Obispo County, California, learned from Sigrid (1) what types of reverse mortgages are available, (2) what limits there are on the amounts, (3) how to apply and what it costs, and (4) how to choose different plans for reverse mortgage income.

Seniors may use the income to pay for sudden health expenses, prescriptions, in-home caregivers, nursing home care, or for a variety of other choices. If seniors are having financial stress from mortgage payments a reverse mortgage can eliminate the monthly payments.

A reverse mortgage is a Federal Government insured loan program which provides income for senior home owners. Sigrid explained that it is not paid back until a person moves permanently out of the home.

To qualify for a reverse mortgage a senior needs to own the home, be at least 62 years old, and to be living in the home.

Sometimes a sudden illness causes a financial situation that makes getting a reverse mortgage helpful or necessary. If a large mortgage payment is causing financial problems for seniors living on fixed incomes the reverse mortgage can get rid of the mortgage payment, freeing up that money for health expenses.

Other people get reverse mortgages in order to access the cash from home equity while they are alive in order to travel, pay for grandchildren's college, or make other dreams they have come true.

For more details you can visit Sigrid Hurn's website at

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