Financial Crisis Hitting Florida Seniors Hard

Oct. 11, 2008 - PRLog -- ORLANDO, FL
With losses mounting on Wall Street and no end in sight, many Florida seniors are facing tough choices about what to do with their assets they depend on for income. Those seniors who have invested conservatively for decades have now seen their investment portfolios plummet, and thus their monthly incomes. On the other side of the economic ladder, seniors who have invested in their homes as their primary source of wealth and who depend on social security income to pay their bills are having an even more difficult time.

As energy costs have risen over the past three years, everyone has felt the impact on food costs and electricity bills. Seniors, though, do not have the option of simply going out and getting another job to make ends meet or picking up more hours at work. They are on a fixed income and must make do with what they receive every month. With the financial pressures mounting, more and more seniors are now looking into FHA-backed Reverse Mortgages. The reverse mortgage initially sounds too good to be true. However, this government-developed program has now helped hundreds of thousands of senior citizens to keep their homes and improve their quality of life.

There are no credit requirements for the senior to quality. There is no income requirement for the senior to qualify. The only qualification is that the senior must be 62 years of age or older and must own their home. Even if they have a mortgage on their home now, as long as they have a great share of equity in their home, a Reverse Mortgage might be the answer. Many seniors opt to have the Reverse Mortgage pay off their remaining loan balance. The elimination of that $300 - $800 monthly mortgage payment alone might restore their lifestyle and free up money they otherwise would not have.

Seniors never have to repay the money they receive from the Reverse Mortgage until or unless they leave the home. Their heirs will never have to repay more than what the home sells for in the future. That’s where the government guarantee comes in. The program requires that all seniors considering a reverse mortgage must attend a counseling session with a certified HUD counselor to make sure that any of their questions are answered to their satisfaction.

Seniors facing hard economic times, especially those relying just on social security to survive, should seriously consider a reverse mortgage. A five minute telephone conversation can quickly determine an estimate as to the amount of money available to you. You can decide to take a lump sum or turn on an income stream.  Those needing help in this area should contact Freedom Retirement Planning, a Florida financial advisory group that focuses on senior financial issues. A toll-free phone call to 800-729-9590 is met with trained counselors that can help you determine if a Reverse Mortgage is the right option. Freedom Retirement Planning can be found on the web at http://www.freedomretirement.com .

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We focus on helping seniors with their most serious financial concerns. Whether it is providing them new income from FHA-backed Reverse Mortgages or helping them find secure places for their retirement savings- our focus is on security for seniors.