Why Are Reverse Mortgages Important to Senior Citizens?
In Texas and many other parts of the country, senior citizens are being squeezed. They receive, on average, $965 per month in social security. And, while property taxes vary, a senior in many Texas cities with a home valued at $100,000 will pay more than $200 per month in property taxes alone. Add to that the high cost of necessities like health care, prescription medicine, utilities, and mortgage payments, and the financial picture can be very bleak. It s no wonder that many seniors face foreclosure or tax liens on their homes. Reverse mortgages are important to Texas seniors because they allow them to obtain a loan against the equity in their home often their single largest asset without making monthly payments to repay that loan. That means that with a government-insured reverse mortgage, a senior will never lose his or her home to a bank simply because he or she could not make a payment, said Craig Castle, a San Antonio reverse mortgage specialist for the past four years. So why do
