Today's seniors are faced with the "perfect storm" of rising medical costs, shrinking retirement savings, uncertain pension benefits, and insufficient Social Security income.  At the same time, real estate in the Chicagoland area has appreciated at a double digit pace over the past few years.  As a result, many seniors find themselves "house rich and cash poor". 

To address this, seniors across the country are taking advantage of the many benefits that reverse mortgages provide.  A reverse mortgage is a unique financial product that allows those 62 years old and older to tap the equity in their home - tax free - to help pay for medical expenses, travel, home remodeling, insurance products, or however else they see fit.

There are no loan payments due on a reverse mortgage as long as the home is owner occupied.  Proceeds from a reverse mortgage can be taken as a lump sum, monthly payments for a set number of months, monthly payments for as long as the senior lives in the house, a line of credit, or any combination of these. 

A reverse mortgage is especially effective when used, in part, to payoff an existing mortgage relieving the senior of the burden of making monthly mortgage payments.

There are no credit, income, or medical qualifications and, most importantly, title to the house remains with the homeowner! 

With the help of positive news coverage, endorsement by AARP, and favorable legislative attention, the reverse mortgage industry has grown by 70% each of the past two years.  This product can truly liberate seniors and allow them to enjoy their Golden Years to the fullest!