Reverse Mortgage Alexandria VA | (703) 594-9229 | SLS Mortgage

Reverse Mortgage Alexandria VA | (703) 594-9229 | SLS Mortgage Reverse Mortgage Alexandria VA - http://sls-mortgage.com/reverse-mortgage - (703) 594-9229 - SLS Mortgage An Alexandria reverse mortgage offer seniors a way to use the equity in their homes to help finance their retirement. With people living longer, reverse mortgages can provide income when retirement savings aren't enough to cover living expenses. Also known as Home Equity Conversion Mortgages, or HECM's, reverse mortgages allow seniors to sell part of the equity in the home in order to get cash, without having to sell the home or take out a home equity loan. With a reverse mortgage in Alexandria VA, instead of making mortgage payments to a lender every month, the mortgage lender sends you money every month. You don't have to pay the money back for as long as you live in your home. Naturally, you must repay the reverse mortgage at some point: when you die, when you sell the house, or when you no longer live in the house as your principal residence. Most reverse mortgages require that you be at least 62 years of age, and live in the home. http://www.youtube.com/watch?v=SBmnQzNnUJE Types of reverse mortgages: There are three types of reverse mortgages: single purpose reverse mortgages; federally-insured reverse mortgages; and private reverse mortgages. A single-purpose reverse mortgage can only be used for one purpose specified by the government or a non profit lender. Some of the allowable purposes include home repairs, home improvements, or property taxes. Single-purpose reverse mortgages have very low costs associated with them, and are usually available only to those with low or moderate incomes. Federally-insured reverse mortgages are called Home Equity Conversion Mortgages (HECM's), and are backed by the U.S. Department of Housing and Urban Development (HUD). Because of the relatively high costs associated with HECM's, they are best suited for those who intend to stay in their homes as long as possible. To qualify for an HECM, you must first consult with a federally-approved housing counselling agency. The counselor will explain the costs, the financial implications, and the alternatives to Alexandria reverse mortgages. The amount of money that you can receive from an HECM depends upon your age, the type of reverse mortgage you choose, the value of your home, current interest rates, and other factors. Generally speaking, the amount you can receive will be higher if you have a lot of equity in your home. Also, your age will impact the amount you can receive; the older you are, the more you will likely receive. If you qualify for an HECM, you have several options as to how you will receive your payments. You can choose a fixed monthly payment over a specific period of time, or for as long as you live in your home. You can also set up a line of credit, from which you can draw funds from the loan proceeds at any time, and in whatever amounts you choose. Private reverse mortgages are very similar to government-run HECM's. The difference is that the money is being borrowed from a private lender, and the costs may be higher than government HECM's. However, those who own higher-valued homes may find that they will qualify more easily for a reverse mortgage going through a private lender, and may also get more money from the reverse mortgage than if they went with a government HECM. Features of Reverse Mortgages: You paid for your home with the the money you had left in your paycheck after taxes. Therefore, the loan payments you receive from a reverse mortgage are not treated as taxable income. This means that the payments will not affect your Social Security or Medicare benefits. While a reverse mortgage means that you are borrowing against your home, you still retain the title to the home. However, because you retain the title to your home, you're still responsible for repairs, property taxes, utilities, and other expenses, just as you would be with a conventional mortgage. Reverse mortgages involve closing costs, so be sure to interview several lenders to make sure that you're getting the best deal. A reverse mortgage means just what the term suggests: instead of the amount of money you owe on your home declining over time, the amount of money you owe on your home increases over time. How much can the amount you owe increase to? A "nonrecourse" clause is contained in nearly every reverse mortgage in Alexandria VA. The clause prevents you or your estate from owing more than what your home is worth when the loan is repaid. Article Source: http://EzineArticles.com/782347 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Reverse Mortgage Alexandria VA - http://sls-mortgage.com/reverse-mortgage

Reverse Mortgage Richmond VA | (804) 210-7373 | SLS Mortgage

Reverse Mortgage Richmond VA | (804) 210-7373 | SLS Mortgage Reverse Mortgage Richmond VA - http://sls-mortgage.com/reverse-mortgage - (804) 210-7373 - SLS Mortgage Richmond VA Reverse Mortgage Myths With all of the hoopla these days about the Reverse Mortgage for Senior program, it is important that we take a hard look at some of the myths that people are hearing about. 1. The Reverse Mortgage lender will own your home - FALSE! You and your family or your estate continues to retain ownership of your home at all time that the reverse mortgage is in place. The Lender does not take control of the title. The lender's interest is limited to the outstanding loan balance, just like a traditional mortgage. 2. Reverse Mortgage lenders just want to sell your house - FALSE! Lenders earn their income by helping you keep your home and meet whatever financial needs you may have in order to help you maintain financial independence. Richmond VA Reverse Mortgage borrowers may remain in the home for as long as they wish. However, should they decide to sell the home for any reason, the loan would then become due and payable. 3. Your heirs will be saddled with the Reverse Mortgage loan - FALSE! The Reverse Mortgage is a non-recourse loan. This means that the lender can only derive repayment of the loan from the proceeds of the sale of the property. When you no longer live in the home on a permanent basis, the home must be sold and the reverse mortgage repaid. If you are deceased, the remaining equity would be payable to your estate or heirs. 4. To get a Reverse Mortgage, you need a certain level of income, good credit, or good health to qualify - FALSE! A Reverse Mortgage has no income, credit, or health requirements. In fact, the terms of a reverse mortgage are dependent on your age, the location of your home and the amount of equity that you have in your home. You can even qualify if you are in bankruptcy action (although this may take a little longer!) 5. You have to make monthly payments on your Reverse Mortgage - FALSE! In fact, with a reverse mortgage in Richmond VA, the only monthly payments that are possible are payments TO YOU! Payment of taxes, insurance and general upkeep of the home are the only responsibilities of the homeowner. http://www.youtube.com/watch?v=0WLQEIN99a4 6. To qualify for a Reverse Mortgage Your home must be debt free - FALSE! Many people getting a reverse mortgage have a traditional mortgage or other debt instrument on your home. The mortgage or debt however, must be paid off first with the proceeds of the reverse mortgage. After this is paid, the proceeds of the reverse mortgage are distributed to you either a lump sum, by regular monthly payments, or though a Line of Credit. 7. With a Reverse Mortgage, Only the "cash poor" or desperate senior citizens can benefit - FALSE! Everybody has varying levels of cash needs from time to time. An unexpected medical bill or other family catastrophe can be handled gracefully by many with a Richmond reverse mortgage. Others like the idea of using the equity in their home for retirement income while still living there. Many folks just like the feeling of financial security they get by having funds readily available. While each of these situations is different, they can all be handled through a reverse mortgage. A Reverse Mortgage can also be an excellent financial or estate planning tool! While Reverse Mortgages are not for all seniors, they are certainly worth investigating, especially before you need them. When searching for information on Reverse Mortgages in Richmond VA, please remember the Law of the Barbershop - "Don't ask the barber if you need a haircut or you are sure to be clipped!" Article Source: http://EzineArticles.com/625569 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (804) 210-7373 (855) 571-8800 Toll Free Reverse Mortgage Richmond VA - http://sls-mortgage.com/reverse-mortgage

Reverse Mortgage Richmond VA | (804) 210-7373 | SLS Mortgage

Reverse Mortgage Richmond VA | (804) 210-7373 | SLS Mortgage Reverse Mortgage Richmond VA - http://sls-mortgage.com/reverse-mortgage - (804) 210-7373 - SLS Mortgage Richmond VA Reverse Mortgage Myths With all of the hoopla these days about the Reverse Mortgage for Senior program, it is important that we take a hard look at some of the myths that people are hearing about. 1. The Reverse Mortgage lender will own your home - FALSE! You and your family or your estate continues to retain ownership of your home at all time that the reverse mortgage is in place. The Lender does not take control of the title. The lender's interest is limited to the outstanding loan balance, just like a traditional mortgage. 2. Reverse Mortgage lenders just want to sell your house - FALSE! Lenders earn their income by helping you keep your home and meet whatever financial needs you may have in order to help you maintain financial independence. Richmond VA Reverse Mortgage borrowers may remain in the home for as long as they wish. However, should they decide to sell the home for any reason, the loan would then become due and payable. 3. Your heirs will be saddled with the Reverse Mortgage loan - FALSE! The Reverse Mortgage is a non-recourse loan. This means that the lender can only derive repayment of the loan from the proceeds of the sale of the property. When you no longer live in the home on a permanent basis, the home must be sold and the reverse mortgage repaid. If you are deceased, the remaining equity would be payable to your estate or heirs. 4. To get a Reverse Mortgage, you need a certain level of income, good credit, or good health to qualify - FALSE! A Reverse Mortgage has no income, credit, or health requirements. In fact, the terms of a reverse mortgage are dependent on your age, the location of your home and the amount of equity that you have in your home. You can even qualify if you are in bankruptcy action (although this may take a little longer!) 5. You have to make monthly payments on your Reverse Mortgage - FALSE! In fact, with a reverse mortgage in Richmond VA, the only monthly payments that are possible are payments TO YOU! Payment of taxes, insurance and general upkeep of the home are the only responsibilities of the homeowner. 6. To qualify for a Reverse Mortgage Your home must be debt free - FALSE! Many people getting a reverse mortgage have a traditional mortgage or other debt instrument on your home. The mortgage or debt however, must be paid off first with the proceeds of the reverse mortgage. After this is paid, the proceeds of the reverse mortgage are distributed to you either a lump sum, by regular monthly payments, or though a Line of Credit. 7. With a Reverse Mortgage, Only the "cash poor" or desperate senior citizens can benefit - FALSE! Everybody has varying levels of cash needs from time to time. An unexpected medical bill or other family catastrophe can be handled gracefully by many with a Richmond reverse mortgage. Others like the idea of using the equity in their home for retirement income while still living there. Many folks just like the feeling of financial security they get by having funds readily available. While each of these situations is different, they can all be handled through a reverse mortgage. A Reverse Mortgage can also be an excellent financial or estate planning tool! While Reverse Mortgages are not for all seniors, they are certainly worth investigating, especially before you need them. When searching for information on Reverse Mortgages in Richmond VA, please remember the Law of the Barbershop - "Don't ask the barber if you need a haircut or you are sure to be clipped!" Article Source: http://EzineArticles.com/625569 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (804) 210-7373 (855) 571-8800 Toll Free Reverse Mortgage Richmond VA - http://sls-mortgage.com/reverse-mortgage

Reverse Mortgage Herndon VA | (703) 594-9229 | SLS Mortgage

Reverse Mortgage Herndon VA | (703) 594-9229 | SLS Mortgage Reverse Mortgage Herndon VA - http://sls-mortgage.com/reverse-mortgage - (703) 594-9229 - SLS Mortgage While Reverse Mortgages may not be for everyone, they can be an excellent choice for many. Are they the right choice for you? Let's explore them in more detail. What is a Reverse Mortgage? * A Reverse Mortgage is a special, Government sponsored program designed specifically for homeowners over the age of 62. Unlike a traditional mortgage, there are no monthly payments to make. There are also no credit, asset or means requirements to qualify for the mortgage. This can be an important factor for seniors with less than sterling credit or for those living on reduced retirement incomes. * Various programs are available with different rates and benefits. There are fixed and variable rate programs, each having different features. While most are still Government Programs, proprietary programs with individual banks have also been available from time to time. While you should always use the broker or bank that you feel most comfortable with, be sure they can offer you the most competitive programs. * Under a traditional mortgage the monthly payments pay for the interest, and usually pay off principal on the loan, thereby reducing the amount of the mortgage. With the Herndon Reverse Mortgage the amount of cash you receive, together with the interest and other charges, are added to and increase the loan balance. This balance however, never has to be re-paid until you move out of your home. You do have to keep your taxes and insurance current and maintain the home, just as you already do. * A Reverse Mortgage is a non-recourse loan. This means that no assets other than your home can be attached to pay off the mortgage. If, when the mortgage comes due, the mortgage amount is greater than the value of the home, the homeowner or estate will only be responsible for fair value of the home unless the home is taken over by a family member, in which case the entire mortgage amount may be due. In other words, a sale must be at "arms-length" or the full loan value may be due. Should the value of the mortgage be less than that of your home, either you or your estate receive the remaining equity in the home when you leave or pass away. Taken together, these features offer what could be considered a "Win-Win" situation. Your mortgage balance becomes due when you sell the home, when you vacate it for more than 12 months, or when the last surviving borrower passes away. On sale, it is satisfied at closing, as would be any other mortgage. Your heirs will have the options of paying off the amount due and keeping the home, or of simply selling the home and receiving any remaining equity. Who can benefit from a Reverse Mortgage? Seniors I have found most likely to benefit from the Reverse Mortgage would be homeowners who: * May be struggling with the payments of a conventional mortgage or equity line of credit. * Require or would like additional cash for rising expenses. * Would like to access the equity in their home for needed repairs, a new car, medical or other specific needs. * Homeowners seeking to age at home and who are not planning to move from the home in the foreseeable future. * Seniors who would rather share with children or grandchildren while still around to see them enjoy it, rather than leave the home's equity in an estate. * Senior homeowners who are facing foreclosure because of their inability to pay their current mortgages may find the Reverse Mortgage an excellent, if not the only option allowing them to remain in the home. * Seniors who simply "want to' have more fun! Who Qualifies for a Reverse Mortgage? Qualification for a Reverse Mortgage in Herndon VA is pretty simple. * The age of the homeowner/s must be age 62 or greater. * The home must be and remain being, the primary residence. You have to live there. * The home must be in good repair. The home will be appraised during the loan approval process. * There can be no other liens on the home. (Current liens or mortgages can and must be satisfied from the proceeds of the Reverse Mortgage.) Reverse Mortgages are rapidly gaining popularity as the preferred choice for many senior homeowners. By having a better understanding as to how they work, now you - together with your most trusted personal advisors, can determine if a Herndon Reverse Mortgage is the right choice for you. http://www.youtube.com/watch?v=hM5ty_u6_3Q Article Source: http://EzineArticles.com/2755619 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Reverse Mortgage Herndon VA - http://sls-mortgage.com/reverse-mortgage

Reverse Mortgage Arlington VA | (703) 594-9229 | SLS Mortgage

Reverse Mortgage Arlington VA | (703) 594-9229 | SLS Mortgage Reverse Mortgage Arlington VA - http://sls-mortgage.com/reverse-mortgage - (703) 594-9229 - SLS Mortgage Reverse mortgages have become a very popular option for senior citizens. They are so common because it gives the homeowner the freedom to use the proceeds of the loan for whatever they choose. Because the homeowner has total control on how to use the proceeds of the loan, there are many different ways in which reverse home mortgages are being used. We have included in this article some of the most common ways in which people are using reverse mortgages. Of course, there are many more ways in which you can use the money from a reverse mortgage. Reverse Home Mortgages and Long Term Care Many senior citizens are finding themselves in a position where they have to discover diverse ways to finance their long-run care due to the raising fees in health care. Many seniors have chosen a reverse home mortgage as a manner to fund their healthcare fees. They spend the revenue to pay for the current monthly fees or a long term care premium. The proceeds they receive from the reverse home loan allows some senior citizens to guarantee the type of health care they deserve for as long as they needed. This is so because the FHA insurance makes sure that homeowners keep getting monthly payments for as long as they live in the house. The money you get from an Arlington reverse mortgage is tax exempt. Also, depending on your financial situation, your social security and Medicare benefits are usually not affected by the money you receive from the seniors reverse mortgage. To make sure, it is a good idea to talk to your CPA, ask your reverse mortgage broker or ask the counselor you are entitled to when applying for a reverse mortgage. People use a reverse mortgage to pay for health care in one of several ways: - To pay for unexpected or emergency medical expenses - To pay for the monthly medical bills - To afford the long term care insurance premium Reverse Home Mortgage and Stopping Foreclosure Home foreclosures are at a record high because of the current economical conditions. Foreclosures have had a direct impact in the whole society affecting all types of homeowners. Many seniors have turned to Arlington reverse mortgages as a way to protect themselves from the chance of losing their homes. By using a reverse home loan, a senior citizen facing foreclosure on his home can turn the tables around. Instead of having to make monthly payments, the homeowner can receive monthly "income" from the bank. When you get the mortgage, the foreclosure mortgage can be paid off and the home taken off of the foreclosure procedure. Finally, a seniors reverse mortgage can work as shield for you. As long as you live in your home, you can never be thrown out of the house. Your only responsibility is to keep the real estate and insurance payments up to date. The main drawback to a reverse home mortgage is its high fees. Nevertheless, if you compare these fees to the possibility of losing your home, it can be well worthwhile. Even though you can stop foreclosure by applying for a reverse mortgage, it's advised that you talk to a professional reverse mortgage broker before choosing this alternative. A good broker specializing on reverse home mortgages should be able to tell you if this is a viable solution for you. http://www.youtube.com/watch?v=1-EvLn0mpbQ Reverse Mortgage as a Way to Fund Your Retirement Some seniors are finding it hard to maintain a lifestyle they have grown accustomed; especially with the increasing life expectancy. Some are turning to reverse home mortgages to help them fund their retirement years. With a reverse mortgage, you can choose to receive monthly payments from a bank. In many cases, this funds work as a second income. Reverse mortgages in Arlington VA work by making use of the equity in your home. You can choose to use the equity in the house by receiving a lump sum or monthly payments. Contrary to a traditional home loan, in a reverse mortgage, the bank pays you. Of course, as you receive payments, the equity in your home decreases. For people using a reverse mortgage, the funds they receive can be used as a second income. There is no limit on the different ways you can se the money. Also, by getting a reverse mortgage you avoid having to spend your cash in making monthly payments which in turn increase your cash flow. You can save the money you avoid paying to the bank and use it as an insurance policy. Article Source: http://EzineArticles.com/1208208 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Reverse Mortgage Arlington VA - http://sls-mortgage.com/reverse-mortgage

Reverse Mortgage Ashburn VA | (703) 594-9229 | SLS Mortgage

Reverse Mortgage Ashburn VA | (703) 594-9229 | SLS Mortgage Reverse Mortgage Ashburn VA - (703) 594-9229 - http://sls-mortgage.com/reverse-mortgage - SLS Mortgage With the growing popularity of Reverse Mortgages across the country, more and more seniors are asking themselves, "Do I need a Reverse Mortgage?" This question can be answered by using several different means. This article will discuss several of the most common questions in discovering the usefulness of the Reverse Mortgage for different individual situations as well as some suggestions to beginning the process. 1) "I don't have a mortgage! Why would I get a Reverse Mortgage?" This is one of the most common disputes that arise when discussing Reverse Mortgages in Ashburn VA. A financial goal for many seniors is the removal of all mortgage debt to the home, but this methodology is becoming outdated with the creativity of home equity programs that have recently come about, including the Reverse Mortgage. One of the fears of taking out a loan on a mortgage-free home is the threat of default and foreclosure. The Reverse Mortgage is one product that removes this threat. There are never any payments required for a Reverse Mortgage as long as you live in the home. It allows you to utilize the equity available in the home without the threat of losing the home, and without the added burden of monthly payments. 2) "I don't need anything." A Reverse Mortgage is commonly used to remove a current monthly mortgage payment, to help a senior out large medical or credit card debt, or to secure an investment or an insurance product. However, the phrase "I don't need anything" is a statement that is frequently used without looking at all the safeties and possibilities of having an Ashburn Reverse Mortgage. A Reverse Mortgage can work as an extremely effective "safety net." It can establish a large, extremely liquid, and high interest earning account that can be counted on in the event of an emergency or an opportunity. Right now, Reverse Mortgage credit accounts, which function very similar to checking accounts, earn well over 6.7%. This extremely useful when a medical crisis occurs, or a timed financial opportunity presents itself, and the senior will not have to affect any of their savings, investments, or income. http://www.youtube.com/watch?v=943jbjEoTSY 3) "Why would I give my house away?" This is a common misconception that many seniors have when learning about Reverse Mortgages. First, a Reverse Mortgage Lender does not take your home or ownership of the home. There is no transfer of deed or title. The senior retains all rights of ownership they previously enjoyed and the only change is that the Reverse Mortgage becomes a lien on the property. The senior may sell the home and move at any time, and if the borrower should pass away, the home will be passed on to their heirs as designated in the will. 4) "I am on Social Security and Medicare. I don't want to lose those benefits." The largest benefit of the Reverse Mortgage Ashburn VA is its guarantees from the Federal government. The program is regulated and facilitated by the Department of Housing and Urban Development and due to this, all Federal benefits like social security and Medicare are not affected whatsoever by the additional income generated by the Reverse Mortgage. The government classifies the proceeds from Reverse Mortgage as equity, not income. This also has the benefit of being 100% Tax-Free! You will not report any additional income on your tax return and the reserve of thousands of dollars of liquid funds will not alter your tax-bracket. These are some of the more common questions regarding Ashburn Reverse Mortgages that are presented in the early stages of acquiring the loan. Almost every applicant will ask themselves one or all of these at some point. Article Source: http://EzineArticles.com/160949 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Reverse Mortgage Ashburn VA - http://sls-mortgage.com/reverse-mortgage

Reverse Mortgage Charlottesville VA | (434) 260-7773 | SLS Mortgage

Reverse Mortgage Charlottesville VA | (434) 260-7773 | SLS Mortgage Reverse Mortgage Charlottesville VA - (434) 260-7773 - http://sls-mortgage.com/reverse-mortgage - SLS Mortgage One of the most frequent questions that we receive when assisting with Reverse Mortgages in Charlottesville VA is, "If I already have a mortgage, can I still do a Reverse Mortgage?" The consensus seems to be that most people believe the answer to this questions is no. In reality, however, the Reverse Mortgage is a system that allows the borrower to reverse their mortgage payment. Instead of paying from out of their pockets every month, the borrower uses a Reverse Mortgage to end their mortgage payments forever. Now because the Reverse Mortgage is a Federally guaranteed and regulated program, there are some limits that should be talk about with the Reverse Mortgage. One is the fact the Reverse Mortgage is designed to utilize the equity in the home, there are limits to the amount of money that a Reverse Mortgage can produce, and of course, how much mortgage can be paid off. A good way to know if a Reverse Mortgage will perform efficiently for you is first judge whether or not your current mortgage is under 70% of your home's appraised value. This is the maximum lending ceiling for most cases. A Reverse Mortgage Lender will provide the exact figures. http://www.youtube.com/watch?v=HHdhtW6KSpQ Next, the money that you will receive from a Charlottesville Reverse Mortgage MUST go towards paying off your mortgage. Any money that is left over will be available to you with no restrictions, but only after your current mortgage is paid off in full. This should be a goal for Reverse Mortgage applicants who have a large first mortgage or home-equity loan. An obvious benefit of using the Reverse Mortgage to remove the current mortgage is the added income you will receive from removing your monthly mortgage payments. Reverse Mortgages never require you to make a monthly payment for the rest of your life, while you are a resident of the home. The Reverse Mortgage is a product that is useful to remove monthly payments on credit card debts, medicine, and medical bills. The idea behind the Reverse Mortgage originated in Europe, and has been the most popular senior financial vehicle in England, Germany, France, and the Scandinavian nations for the last 35 years. Although the United States has only perfected the safety and administration of the Reverse Mortgage in the last 15 years, its popularity has exploded in the last decade. It is at a point now that we are experiencing a 200% growth from each year to the next in the number of seniors around the country joining the Reverse Mortgage program. With social security and Medicare benefits not providing the amount of income that seniors expected to last them through their retirement, Reverse Mortgage are a tax-free, safe, and minimal out-of-pocket-cost strategy that does not affect any government benefits or income, protects the home from default and foreclosure, and relives the senior of the stress of monthly mortgage payments. Most people who do a Reverse Mortgage are ready to enjoy their retirement, travel, and "Do Stuff!" This is the reason the Reverse Mortgage is now becoming the one of the most popular senior financial vehicles, not in Europe, but in the United States. Article Source: http://EzineArticles.com/113133 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (434) 260-7773 (855) 571-8800 Toll Free Reverse Mortgage Charlottesville VA - http://sls-mortgage.com/reverse-mortgage