Hi All

I met with a "Reverse Mortgage" Broker and found some information that might help you or someone you know.

If one is 62 years or older you may qualify for a reverse mortgage. The amount you could receive depends on the value of your home the amount of built-up equity and the interest rates at the time of origination..

This may help someone who is behind in their house payments or someone who wishes to use a reverse mortgage to buy a retirement home or to move to a larger home.

Here is an illustration of how someone might use a reverse mortgage :From a Mtg. Broker--

Proceeds from sale of old house $500,000
Purchase price of retirement home $400,000
Down payment on new home $200,000
Reverse Mtg. on new home $200,000
Payments on new home $ 0
Available for investment $300,000

I am not an expert on loans and do not make any recommendations as to any type of loan.

For more information about reverse mortgages call Mel Smoke @ 760-408-3033