Putting it in reverse

Posted by News Feeds

September 14, 2007

Putting it in reverse,

Seniors finding mortgage program beneficial

A growing number of area senior citizens who have found themselves strapped for cash or in debt are turning to a program that could be their salvation.

It’s called a reverse mortgage, and it more frequently is becoming the answer for older people in debt, on fixed incomes or unable to sell their homes in today’s struggling housing market.

“It helped me get a car. It helped me catch up on some bills. Oh, God, it was a godsend,” said Ruby Jean Butler of Flint.

Butler, 84, got her reverse mortgage in 2005 and was so pleased with it that she now promotes the program for Vienna Township-based Senior’s Equity Income Inc. The company is one of the area agencies that handles the type of reverse mortgage Butler received - officially called Home Equity Conversion Mortgages.

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Full post here Reverse Mortgage Loan Blog