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Reverse Mortgage of America Offers Free Informational DVD to Seniors
By James Comtois
As part of a plan to mitigate the misconceptions inherent to reverse mortgages as well as show seniors the benefits of obtaining a reverse mortgage, Reverse Mortgage of America, a division of Seattle Mortgage Co., has released a free informational DVD for seniors and their families, caregivers and financial planners. Entitled "Understanding Reverse Mortgages," the DVD will address frequently asked questions and dispel myths and misperceptions related to reverse mortgages.
"Understanding Reverse Mortgages" features one-on-one interviews with senior homeowners who have completed the reverse mortgage process. It also presents industry experts as they weigh in on how a reverse mortgage can serve as a useful financial tool. The 18-minute video shows many aspects of the lending process, such as mandatory counseling, matters for consideration and the benefits of a reverse mortgage loan.
According to the U.S. Census Bureau, one-in-five people will be 65 or older by the year 2030. As social services fall short of accommodating this growth and the resources needed to support this group, alternative sources of support are necessary. Reverse mortgages enable seniors aged 62 years and older to tap the equity in their home to receive tax-free payments either as a line of credit, a monthly payment or a lump sum amount.
"Seniors across the nation are eagerly seeking alternate sources of additional income," said Sarah Hulbert, senior vice president and national director of Reverse Mortgage of America. "It is important that seniors understand and fully examine their options. As our population ages, reverse mortgages will supplement retirement and enhance the quality of life for many more of our community's senior homeowners."
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