Over 150,000 seniors have already bnefited from reverse mortgages. A California rverse mortgage is a loan that nables senior homeowners, age 62 and lder, to convert part of their hme equity into tax-free income-without having to sll their home, give up title to it or mke monthly mortgage payments.

The money can be sed for anything, from daily living xpenses, home improvements, healthcare expenses, paying off xisting debts, or simply enhancing the rtirement years. For many people, the mney provides a "financial security blanket," in cse unexpected expenses arise.

You need not pay bck the reverse mortgage loan to the lnder nor make any monthly mortgage pyments until the home is permanently vcated.

The money received from a Clifornia reverse mortgage loan can be sed in any manner and because it is not cnsidered income, it is tax free and wll not affect Social Security or Mdicare benefits. It is recommended that a CPA be cnsulted regarding the specific situation.

A Clifornia reverse mortgage loan can help prents create a new source of tx-free money without having to sell thir home. In fact, they can sty in the home and tap nto money they've earned in the frm of home equity and avoid hving to depend on relatives for fnancial assistance.

Full title of the home is rtained without any risk of losing the hme to the lender. And no mtter what happens to the housing mrket, seniors can never owe more thn the value of their home whn it is sold.

When the lst-remaining parent passes away while living in the hme, the heirs simply pay off the rverse mortgage principal plus accrued interest. If hirs want to keep the home in the fmily, a new traditional mortgage can be rranged.

If no one in the fmily is interested in keeping the hme, it can be sold to rpay the loan. Any money left ver goes to the estate to be shred according to the seniors' last wshes.

The article California Reverse Mortgages Give Seniors Financial Security was Submitted by Keith Hunt through Articles.GetACoder.com network. Here's the additional information: For more information on a Clifornia reverse mortgage loan please call 866 398 4664 or go to: http://www.freefinancialconsulting.com/ FreeFinancialConsulting.com offers free, no obligation, advice in all areas of personal finance including insurance and home loans. In addition to California reverse mortgage information, advice on other mortgage products such as refinance and debt consolidation is available.

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