Reverse mortgage as a financial choice for senior homeowners

The current financial meltdown has affected most people very badly, but senior homeowners living on fixed incomes like pensions, social security, annuities, etc. are the worst hit. Most of them have inadequate retirement funding and costs of healthcare, fuel, home maintenance and similar monthly recurring expenses have risen. Most seniors have mortgages to pay off and may have credit card dues. While these costs increase month after month, their incomes do not. This situation has compelled many to sell their homes, or for taking more drastic steps that bring in more problems than solving problems.

In such a situation a useful financial tool is a reverse mortgage that helps senior homeowners not only to save their homes from being sold of but also generate extra funds to pay off the existing dues and enjoy the usual monthly incomes they used to have. But the problem is they do not have qualified financial planners for guidance. The website of Reverse Mortgage Information, an independent site, not affiliated to lenders, is helpful. They have free information online to guide you through reverse mortgage plans.

Before you jump on a decision find out if reverse mortgages are right for you. Certainly, they are not advisable for everyone. They are very complex and you need to educate yourself about they can help you. You can get lots of guidance from many sources, but the best is the free tutorial guide that you can download or print a hard copy from this site.

Apart from info on reverse mortgage plans, they also advise what kind of Medicare insurance suits you, including medicare supplemental insurance. In short, there is no monthly payment to receive coverage under Medicare Part A that helps pay for inpatient medical care, once you turn 65. Enrollment is automatic if you are registered with the Social Security Administration. Medicare Part B, Part C and Part D can attract an additional monthly premium. Complete information about Medicare plans that are available for free and that attract a monthly premium is available in their site.