How Reverse Mortgages help Aging Seniors

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  • HowReverse MortgageshelpAging SeniorsBy Jessica Bennet http://www.mortgagefit.com/

  • Aging Seniors are anxious about Steady Flow of IncomeWhy ?Sustain Rising healthcare costsMaintain lifestyleRetain Homeownership http://www.mortgagefit.com/

  • What Seniors usually choose Social Security Income Federal benefit for 62 year old and aboveRetirement Plans 401k and 403b Distribution after 59 and years without penalty; must withdraw at 70 and 1/2 yearsMedicare Federal Health Insurance for aged 65 and aboveMedicaid Need-based Healthcare Program for low income seniorsHMO Health Insurance programHome Equity loans A way to pull out equity http://www.mortgagefit.com/

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  • Comparatively,Reverse Mortgageis a better option than others http://www.mortgagefit.com/

  • Why Reverse Mortgage?Options for Seniors : Social Security Income LimitationsHow Reverse Mortgage is better1. Not at par with inflation2. Taxes to be paid by high income seniors 1. Credit line option helps to earn interest on unused funds and fight inflation2. No taxes to be paid http://www.mortgagefit.com/

  • Why Reverse Mortgage?Options for Seniors : Retirement plans 401k and 403b LimitationsHow Reverse Mortgage is better1. Income taxes to be paid at the time of distribution 1. Loan funds are not taxable http://www.mortgagefit.com/

  • Why Reverse Mortgage?Options for Seniors : Medicare LimitationsHow Reverse Mortgage is better1. Qualifying age is 65 2. Only Short term care 1. Qualifying age is 62 2. Provides funds as long as you are alive 3. Pay a form of medical cost to receive service 3. Need not pay any loan costs; often included into the loan. 4. Excludes coverage for certain healthcare, in-home care and home repairs 4. No coverage restrictions http://www.mortgagefit.com/

  • Why Reverse Mortgage?Options for Seniors : Medicaid LimitationsHow Reverse Mortgage is better1. Not available to those having home equity more thandefined Federal Limit 2. Pay a form of medical cost to receive service 1. No defined Federal Limit 2. Need not pay any loan costs; often included into the loan 3. Does not cover all healthcare costs 3. No coverage restrictions http://www.mortgagefit.com/

  • Why Reverse Mortgage?Options for Seniors : HMO LimitationsHow Reverse Mortgage is better1. Not all medical treatment are covered 2. Need to pay fixed amount as monthly fee 1. Can be used for wider coverage based upon home equity and loan amount 2. No monthly payment http://www.mortgagefit.com/

  • Why Reverse Mortgage?Options for Seniors : Home equity loan LimitationsHow Reverse Mortgage is better1. Need to make high monthly payment 2. Fulfill income and credit criteria 1. No monthly payment 2. No income and credit criteria http://www.mortgagefit.com/

  • Other benefits Reduces Estate Tax At the homeowners death, the mortgage debt reduces the home value while evaluating estate tax. Provides financial security to heirs It helps you to purchase and maintain a life insurance policy for your heirs to pay estate tax. Tax Deduction Benefits Avail tax deduction on accrued interest but only when the loan is paid back (subject to limitations). http://www.mortgagefit.com/

  • If Reverse mortgage is my choice, what about other benefits? You are quite eligible for: Social Security Income Medicare Medicaid Ineligible if total cash flow in a month exceed Medicaid Income Limit http://www.mortgagefit.com/

  • What initiatives are being taken by the Federal Government?1. Insures Reverse Mortgages (FHA approved lenders provide HECM) 2. Makes Counseling Mandatory (HUD approved counselor offers counseling services)3. Ensures Consumer protection

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  • Want to know more?Visit our Reverse Mortgage Section Any Problem?Ask our Reverse Mortgage Expertin MortgageFit Community Forum http://www.mortgagefit.com/