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FIB - Scams 101 - Ye Olde Archives
Posted By: Bonnie Lee <successmoneya1@aol.com>
Sunday, 31 October 2004, at 4:37 p.m.
Hey guys, I got a paper in the mail explaining how homeowners 62 and older, who would like to remain in their homes can get tax-free money-no monthly payments.It seemed to good to be true, then there was another article in the courier times about the same thing. From what I can understand is that older people, the youngest must be 62, can apply for this reverse mortgage, and when accepted, can get money payments each month without having to pay back a penny. The money comes from the equity in their homes. From what I gather, when you die, the home gets sold and thus they get their money back. Not bad to be able to live out your older years and have some money to live o.k. on. But remember, when you die it is paid back from your estate. Just thought it might help someone who desparately needs money "now" to keep their home and pay taxes and auto ins and medicine and such and live as you always have. The pamphlet i have says"it;s safe, the program is regulated, insured and controlled by the u s govt.You can, own your own home, use a portion of its value as you see fit and have no monthly papments." Like I said, I just heard about it and my aid is thrilled with the knowledge, she is going right home and tell all her neighbors.
To get info about this REVERSE MORTGAGES OF PENNA, call 1-888-748-9300 or email them at: reversepa@safeplace.net I don't know if they have this program in other states, but if you live in another state, I'm sure you can call or email here and they would let you know. I hope this helps someone. I am not personally involved with this organization, just thought someone might benefit from this knowledge.Sincerely, BonnieLee
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