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Reverse Mortgages Can Help Seniors on a Limited Budget Live More Comfortably
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-- How Will You Use This Story? --
(OPEN):
ON WEDNESDAY [JUNE 20TH], HUD ANNOUNCED A
MILESTONE: MORE THAN 300-THOUSAND SENIORS ARE NOW UTILIZING THE
BENEFITS OF AN F-H-A REVERSE MORTGAGE. AND, SINCE
REVERSE MORTGAGES WERE AUTHORIZED BY CONGRESS, IN 19-90, THEIR USE HAS
STEADILY INCREASED. ONE REASON FOR THIS MILESTONE IS THAT REVERSE
MORTGAGES ALLOW SENIORS TO ACCESS THE SAVINGS THAT THEY HAVE INVESTED IN
THEIR HOMES, IN ORDER TO PAY MEDICAL BILLS, PAY OFF DEBT, AND INCREASE
RETIREMENT INCOME--WITHOUT HAVING TO SELL THEIR HOME. MANY SENIORS
ARE TURNING TO REVERSE MORTGAGES, TO FUND THEIR GOLDEN YEARS--SENIORS
LIKE MISSUS HELEN JEAN BURNS, AN 81-YEAR-YOUNG WELLS FARGO
MORTGAGE CUSTOMER...
(BURNS):
"I SETTLED DOWN TO REALLY ENJOY LIFE. AND, I CAN TELL YOU
[THAT] HAVING MONEY SET ASIDE THAT YOU KNOW IS THERE FOR AN
EMERGENCY--NO MATTER WHAT HAPPENS TO YOU--IS BETTER THAN ANY TONIC OR
ANY MEDICINE [THAT] YOU CAN BUY. YOU SLEEP SO MUCH BETTER AT
NIGHT."
(CLOSE):
FOR SENIORS LIVING ON A LIMITED BUDGET, A REVERSE MORTGAGE PROVIDES EXTRA
INCOME, TO LIVE MORE COMFORTABLY. A REVERSE MORTGAGE IS A LOAN
AGAINST YOUR HOME THAT YOU DO NOT HAVE TO PAY BACK, FOR AS LONG AS YOU
LIVE THERE; THE AMOUNT OF MONEY THAT CAN BE BORROWED IS BASED ON THE
HOME'S VALUE, CURRENT INTEREST RATES, AND YOUR AGE. TO FIND OUT
MORE ABOUT THE BENEFITS OF REVERSE MORTGAGES, VISIT
"WELLS-FARGO"-DOT-COM.
