YOUR MONEY Reverse Mortgages Help Seniors Live Better in Retirement Years (NAPSA)—Senior citizens across America are seizing the benefits of reverse mortgages to maintain their standard ofliving and remain in their homes. These increasingly popular loans were designed by the government to help homeowners age 62 and older borrow against the equity in their homes, eliminate mortgage pay- ments and supplementretirement income. Many seniors use the money to pay medical bills, make homerepairs, pay off outstanding debt or simply have a better qual- ity of life. Once the loan is approved, homeowners can receive the funds in several ways depending on the program chosen —either as a monthly payment, a single lump sum, a line of credit or any combination of the three. “The benefit of reverse mortgages is that seniors are able to retain their home, get the money they need and not have to repay the debt as long as they remain in the house. Plus, the Federal Hous- ing Administration guarantees the balance owed will never exceed what the homeis worth,” said Jay Farner, CEO of One Reverse Mortgage, one of the fastest-growing reverse mortgage companies in the country. “This is a smart choice for seniors who need extra money, whose retirement accounts have taken a hit because of the economy or even those who were laid off before they were ready to retire.” The U.S. Census Bureau projects that by 2010 more than 50 million people will be 62 or older, many of whom will have little retirement savings. More and moreseniors, like the ones shown above, are enjoying their golden years with the help of a reverse mortgage. For Ken and Corine Parr of Richmond, Texas, a reverse mortgage allowed them to stay in the home they designed and built 29 years ago. Now in their seventies, and their retirement savings eroded from the current economic situation, the Parrs were faced with selling their home to make ends meet. The couple turned to One Reverse Mortgage for help, and a monthlater, their financial stress was gone. “We sleep better at night,” Ken Parr said. “Not having the money is like coping with anillness that has no cure. It really affects your quality oflife.” Like thousands of other seniors across the country, the Parrs have discovered that tapping into the equity of their home with a reverse mortgage has made their retirement years truly golden. One Reverse Mortgage can be reached by calling (800) 708-5122 or visiting them on the Internet at www.onereverse.com.
