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Another possible resource for help

Golden, CO(Zone 5b)

I can't believe I didn't think of this, but my mother actually suggested it.

In certain situations, a Reverse mortgage might help.

Facts about a reverse mortgage:

1. Youngest borrower must be at least 62 years of age.
2. Must live in home as primary residence
3. Home does NOT need to be paid off, but must have at least 50% equity.
4. Borrower retains title to property.
5. Does not affect government benefits Loan proceeds not considered income.(Social security, medicare, medicaid, or SSI.)
6. No income or credit qualifications
7. No monthly payments
8. Guaranteed no debt left to heirs or estate.
9. You are expected to continue maintenance, pay your taxes, and insurance on the home.

The amount you can receive is based on a HUD formula that factors in the age of the youngest homeowner, the interest rate, appraised value and location of property. Options for receipt of the money include: Lump sum; tenure plan that provides fixed monthly cash advances; and line of credit makes cash available on request when you need it.

The loan is only due and payable when the property is no longer considered the customers principal residence. You cannot be booted out of your home.

I do not originate these loans, so I am not trying to make money here, but thought it might help someone who doesn't have the income to afford medications, equipment or perhaps some part time help. I can provide a phone number to Wells Fargo, who does do these mortgages for any additional questions.

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