Reverse Equity Mortgages can be the answer for many seniors and their families. Stacie Jordan, Bankers Financial Mortgage Group sees the need to offer these loans.

August 21, 2004 -- "The real advantage is there is no payments during the term of the loan" says Jordan. "So you are getting the advantage of using the equity in your home to live on during your retirement years". This can be in a lump sum or in monthly payments for as long as the borrowers live in the home.

You must be at least 62 years old to qualify,and have significant equity in your home. There is no income requirements, credit qualifying or monthly payments with the reverse mortgage. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.

Unlike the traditional home loan, the reverse mortgage is not due and payable until the homeowners no longer occupy the home as their principal residence. In the case of a couple, it is the second to move out or die that triggers repayment. These are also "non-recourse" so no matter how high the loan balance grows, the borrowers or heirs never owe more than the home market value. At this time, the heirs or borrower has the option of refinancing the existing mortgage or selling the home.

This Government Insured Progam offers counseling by an approved HUD Counselor at no cost to the homeowner. For a "Pre-screening" and more information on if you or one of your family members is a candidate for a Reverse Mortgage, call Stacie Jordan at (682) 465-2306.





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