CentrePointe Neighborhood Assoc.

Help for Seniors

Sep 20, 2005

Many of you may not be familiar with a relatively new loan product available to people age 62 and over that can change their lives. It is called a Reverse Mortgage. It allows you to end forever the necessity for making monthly mortgage payments on your home. This can be extremely important to those living on Social Security and pensions that can change significantly when a spouse dies.

The proceeds from a reverse mortgage may be used to payoff an existing mortgage, pay other bills, make home improvements, establish a line of credit, or provide a monthly income for as long as you live in your home. The proceeds are used tax free, and the loan is paid off if, as and when you decide to sell your home. There are no credit requirements. We have even been able to stop a foreclosure for a local couple who were about to lose everything. If you would like information about a reverse mortgage, please call Jim Parker at 303-632-9272.