San Antonio, Texas (openPR) 27 April 2006 p Reverse Mortgage Specialist Craig Castle of San Antonio was the first to get a senior in Texas help, a new â?? Jumbo?? reverse mortgages.


The eighth

November 2005 elections, this chance for Texas seniors, the shares they have created change in their homes into cash.

? A new one?? Jumbo?? Reverse mortgages allow seniors who own homes valued at over 0000 to reach a larger portion of their property, and select the loan proceeds immediately or over time, â?? Burg said.

Today, only Financial Freedom Senior Funding Corporation, Nation? the largest Reverse Mortgage Lender, offers these Texans â?? Jumbo?? reverse mortgage line of credit accounts (call them? Cash accountsâ ????). But in the meantime, other companies are likely to do so.


The new cash accounts

was available in March and should be many benefits for seniors with real estate valued at more than 0000 range. Financial freedom? S Money accounts allow these property owners access to a larger portion of their equity that government programs previously provided.

also allow owners to decide how much of the loan amount they will receive at closing. According to the formula have chosen, they can implement the entire product as?? Line Credita? Emergency fund for future use shall advance 75% to 25% to take as a credit line, or 100% to the closing.


Like all

reverse mortgages, the cash accounts available to homeowners who at the age of 62 years or more. Neither income nor the qualifications a credit check is required. The loan need not be repaid until the borrower is ready to leave home permanently, then the house is sold to repay the loan. If the borrower decides the loan, advance, there is no punishment, however. Since the loan is without recourse, the borrower or his estate owes no more than the loan value.

? The new Financial Freedom Cash Account reverse mortgage plans make reverse mortgages a viable option for a whole new group of seniors, Texas, who live in homes of great value, but need an additional income,? ? Burg said.

? One of the things to make the reverse mortgage is particularly interesting that the product of the reverse mortgage are not taxable and not effective benefits, â?? he added. â?? Some candidates for new types of accounts of other assets that could be sold to provide liquidity, but could be taxed more heavily liability.â ????

? Reverse mortgages are not good for everyone, â?? Burg said. â?? But the cash accounts the chance to the peace of mind for many Texas seniors home equity whose income needs are not important now open enjoy Met. ????

Castle Craig is a reverse mortgage specialist financial freedom in San Antonio and South Texas area. He holds a BA in Economics from the University of Missouri, is a former licensed stock broker and worked with reverse mortgages in the past four years. He is also president of the coalition do not forget, a nonprofit organization providing services and advocacy for seniors in San Antonio. For more information visit http://www.SouthTexasReverseMortgage.com, or call 210-789-3685.


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Jumbo Reverse Mortgage