Aarp Reverse Mortgage: Lead a Hassle Free Retired Life

Aarp is the American association of retired person, which aims at helping out people over the age of 50 years, to enhance their life after retirement. Life after retirement can get really difficult money wise, if the senior person does not have provisions to take care of all his monetary needs. Aarp reverse mortgage is a financial scheme that is very popular among the senior citizens in America. Basically the Aarp reverse mortgage supplements the income of the retired person so that he can lead an independent life, even after retirement. When a person retires from work, the monthly flow of money stops but the needs and requirements of that person and his family remains the same and hence they face a shortage of money. There are lots of benefits associated with taking a reverse mortgage loan and so this trend is becoming popular day by day.

It is understandable that you may be worried whether a reverse mortgage is ideal for you or not. The government also requires that, every senior citizen take a credit counseling class before applying for a reverse mortgage loan and for this you can get all the help you want from Aarp. More than 75% of retired Americans are members of the American association of retired person and this counseling is offered by the agency free of cost, to all its current members. The counseling can help you in understanding the whole concept of reverse mortgage in a better way and also in making a wise decision of opting to take a reverse mortgage loan. You can get to know the whole process of how to apply for the loan and how the whole thing will be processed.

To be eligible for a reverse mortgage loan, a senior citizen must own a house. The whole financial transition is made with a broker on the basis that, the person seeking this loan, owns a house. The amount of money that one can get as loan through the reverse mortgage loan depends on the total equity of the house, among other factors. The money obtained through a reverse mortgage loan is tax free, so there will not be any hassles while using the money for any purpose. The best part about taking a reverse mortgage loan is that, one does not need to repay the loan money. Even if the person who has taken the loan dies, the burden of repayment of the money does not fall on the heir. The broker gets back the money by selling off the house, which comes in his possession after the death of the owner.

However, if the owner decides to no longer stay in the house or to sell off his house, the senior citizen will have to repay the loan money. Only senior citizens above the age of 65 years of age are eligible for the Aarp reverse mortgage loan. The Aarp reverse mortgage counseling is something that you must take, if you want to make sure that you are fully informed about the whole process and method of taking a reverse mortgage loan.

Nevada Reverse Mortgage: Lead your Retired Life Smoothly

This may sound different, but a reverse mortgage is a loan which you can take against your house and you do not have to pay the loan till the time you continue living in that house. And if you continue to live in that house till the time you die, you do not even have to pay the money. Now this may sound very interesting to you and now you would surely like to get a reverse mortgage loan. That is understandable, but just remember that there are certain things that you need to fulfill to get the reverse mortgage loan. If you happen to reside in Nevada, you can get a Nevada reverse mortgage loan from several of the reverse mortgage loan brokers operating in your city. A reverse mortgage loan has been taken by several Americans, to take care of their monetary needs in lieu of the house that they own. In fact the number of people who are opting to take a reverse mortgage loan is rapidly increasingly.

First of all you need to possess a house in your name to get the Nevada reverse mortgage loan. The amount of money that you will get as a loan in lieu of your house depends on the equity of your house among many others. You need to be a senior citizen above the age of 62 years to be eligible for the loan. Once a person retires from service, it gets very difficult for him to maintain his standard of living and take care of his basic needs as his monthly flow of income stops. When we have the money we indulge in lots of luxuries which later on become a necessity for us. Now after retirement it gets very difficult to take care of these necessities as there is a shortage of money and this is where a reverse mortgage loan can help you out.

There are many reverse mortgage loan dealers operating in your city, so make sure that you do a little background research about the broker and find out if he is reliable or not. The reverse mortgage loan will not become a burden to you and it will not pass on to your heirs. If the owner of the house decides that he no longer wishes to stay in the house and wants to sell it off, then he will have to repay the loan that has been taken. If the owner dies then the loan is paid off by selling the house, here the house acts as collateral for the loan.

Statistics from the national Reverse Mortgage Lenders Association indicate that this industry has seen a tremendous amount of growth in the last few years. In the first quarter of 2007, there was more than $17 billion increase in the home equity of seniors and this has been largely due to reverse mortgage. Reverse mortgage has come as a boon to all those senior citizens who are in need of cash to take care of all their financial needs.