Reverse mortgages are gaining in popularity.  That's primarily because they can provide a good solid income for aging seniors.

A reverse mortgage allows the homeowner who is 62 years old, or older, to take equity out of his property and convert it into cash.

The premise here is you get paid now rather than your heirs getting paid later.

As long as you live in the house you will not be required to pay back the loan. The loan is also federally insured if it is a HUD Reverse Mortgage.

The loan will be paid back to the lender when you sell the house, or no longer use it as your primary residence. Your heirs will get the remaining equity.

Here's the biggest danger.

There are unscrupulous "financial planners" who will try to act as middlemen between you and the lender.

You  don't need them.

There have been cases where older seniors have been charged thousands of dollars  for information that HUD provides for free. 

These companies often call themselves "financial planners" which gives them the appearance of credibility.

But according to HUD  you can get counseling and the location of the nearest HUD-approved housing counseling agency near you by calling  1-800-569-4287.

Reverse mortgages can be the answer for some aging seniors, but you must go to the right source for all your information.

Popularity: 7% [?]

• Senior Scam Caught Just in Time Here are the details of a recent scam tried on a 76-year old woman. Fortunately, an alert homemaker aide who is also a staffer for Grand Traverse County Commission on Aging caught it just in time. The would be victim, Betty Hubbell, was about to send her life savings to......
• Baby Boomers Get Specially Designed Technology Baby Boomers are getting better technology designed especially for us Such new products as the Looj, a robotic gutter cleaner, Honda's Element, and Samsung's Jitterbug, are proving older seniors are still an excellent market. The Element features a nice senior style dashboard that's easy to see and get to. (Why......
• Fun Activities To Do With Seniors Who Have Dementia There are many activities you can do with seniors with dementia and Alzheimer’s. Keeping dementia patients occupied and alert is not only important for their wellbeing but also aids in socialization. Here are some of the most favorite and successful activities used by caregivers. 1. Ball Roll The object is......
• Mk-677 Promises to Help Prevent Frailty in Seniors MK-677, a new drug that helps prevent seniors from losing muscle mass, is now being tested. So far the results look promising. Testing seniors have gained muscle mass in their limbs. Their appetites have also increased. There was also a reported drop in the LDL, the bad cholesterol. If MK-677......
• GPS Devices for the Supermaket? .!. .!. Inventors are working on a GPS  device which will guide the elderly through supermarkets. As people of all ages know, grocery shopping can be confusing for everyone, not just seniors. But a GPS device that would guide seniors and give them more confidence as they grocery shop is an......

• Back to Basics: Reduce your debt Being in debt simply means that at one point you borrowed money to fund some purchase, and are now paying it back over time.  (For the purpose of this post, I'm not going to lump in "profitable" or "good" debt that is used to make money reliably for the borrower......
• State Rate Caps Force Borrower (Blogger) To Take Action A C credit (super clean) borrower from Virgina (rate capped at 11%) has been trying to get a loan unsuccessfully on Prosper.  Here is the description: Purpose of loan: Replace an air conditioning unit that went out during a 100 degree day in the Washington DC area. I have made......
• Introduction to Mortgages pt 2 of 5 This is part two in a five part series on what you need to know about mortgages before you buy a home. The housing market is an interesting beast, because it comes and goes, rises and falls, allows some people to flourish and brings others to ruins. If you want......
• Home Improvement Loan – Renovate Home At Low Price Finance You bought or build a home while back and now it frequently requires enhancements like repairing some damages. Home improvement isn't limited to repairing works however instead adding a story to the home, enlarging area, building additional rooms; modernizing kitchen etc works are included. So the expenses towards creating home......
• How Can You Negotiate Loan Modification Terms With your Lender? This post is written by Steven Parker.  Steven Parker is a Financial writer and contributor since five years.  He specializes in mortgage and real estate industry written many articles on Mortgage, Reverse mortgage, Loan modification, Foreclosure and many more. Contact :stevenparker09@gmail.com For the purpose of preventing a foreclosure, loan......