A Reverse Mortgage May Be the Key

Article submitted by Jennifer Spencer of Pinnacle Mortgage.
For more information, she can be reached at 970-204-4509 or 866-215-3441 (toll-free).

When we're young, we rarely think about the years that follow retirement: living on a rationed income, spending large sums of our money on prescriptions and insurance premiums and substantially altering the lifestyle we've come to expect. For millions of seniors, the anxiety that accompanies figuring out how to make ends meet and deal with the insurgence of health-related expenses is a daily reality.

Fortunately, for those senior homeowners who are 62 and older, there is an answer: The Reverse Mortgage. A Reverse Mortgage allows a senior homeowner to safely access the equity they've built in their home and use it however they wish. " Rather than borrowing against future income, you are borrowing against home equity that you've already earned," explains Jennifer Spencer, Certified Senior Advisor and Reverse Mortgage expert of Northern Colorado. "The best part is that there are no monthly payments, you can stay in your home, and you retain ownership. "This is a really flexible option at a time when few options exist for seniors."

Reverse Mortgages allow seniors to receive additional monthly income to help them maintain a lifestyle of comfort.