As a senior, you have worked hard your entire life, and now is the time to enjoy the remainder of it in style. But what with a downed economy pressing its weight on your shoulders, this can be easier said than done. By going online to places such as www.reversemortgagelendersdirect.com, you can learn about your options with a reverse mortgage loan. This is a special mortgage loan set aside just for people aged 62 and older that is designed to put some extra cash in their pockets.
How does a reverse mortgage work?
A reverse mortgage grants the homeowner the ability to tap into the equity of their home without making monthly mortgage payments. The only financial responsibilities left to the borrower involves paying the taxes and insurance on the home. When the homeowner is ready to sell the bank takes its share from the proceeds of the home’s sale, and the rest is given to the homeowner. When the homeowner dies the same principal applies, but the remaining funds are given to the heir. This is a great way to give seniors more cash in hand so they can have the freedom to live life to its fullest.
See the world
One popular way that seniors spend their money is to take vacations and travel the world. When you get your money from your reverse mortgage, you will have the funds to do this with ease. There are a number of tour groups that specialize in accommodating senior citizens. Here are three to research:
- Eldertreks. This group caters to people in their 50s and older. The trips they plan vary for active individual seniors to small groups. Some of these trips range from relaxing cruises, to adventurous land excursions. They specialize in touring the Southeast Asian region that includes stops in Cambodia, Vietnam, Thailand and Burma.
- 50plus Expeditions. Again, nobody under 50 is allowed and this fantastic group can eradicate single supplement charges that serve as a perk for the frugal traveler. Trips are split into three different activity categories, depending on your physical abilities. Trips one can take include exciting destinations such as Antarctica, Asia, East Africa, Europe, Latin America and North America.
- Senior Women’s Travel. Just as its name suggests, this group provides travel for single senior women and helps them form friendships with other travelers. A trip to Buenos Aires includes fun activities such as tango lessons and historic tours. A trip to Paris offers a chocolate tour, a fashion show, and a visit to all the famous monuments.
There are many more travel companies out there that can give you the time of your life. Traveling and seeing the world is a great way to enjoy the money from your reverse mortgage, and provide you with exciting stories to tell your family. But first contact a mortgage broker, and make sure it is the best option to meet your needs.