Specialist Warns Consumers: Beware of Inaccurate and Misleading Reverse Mortgage Articles

St. Louis, MO (PRWEB) January 9, 2007

Reverse mortgages, also named Residence Equity Conversion Mortgages, have gained reputation more than the last couple of years, and as a result, have gained more media consideration. Valerie VanBooven RN, BSN, PGCM, lengthy-term care and reverse mortgage expert warns that many recent articles, such as these posted on Bankrate.com and in the Wall Street Journal contain misleading information, and leave out important information about this federally regulated program.

&#13

“Some of the most essential elements of reverse mortgages are their capacity to aid seniors in crisis. A reverse mortgage can off-set the astronomical expense of lengthy-term care, and can keep individuals off of Medicaid for longer periods of time, ” states VanBooven.

&#13

Some use the equity for extended-term care demands, to pay bills, pay off existing mortgages or debt, spend for prescription drug fees, residence improvements, home modifications, or to basically be in a position to get pleasure from life a little far more by traveling and enhancing their retirement cash flow. Many seniors use reverse mortgages to spend high house tax bills, and have even been saved from foreclosure and bankruptcy simply because they applied for a reverse mortgage.

&#13

Other seniors use reverse mortgage proceeds to fund advanced estate arranging strategies. This includes rising the value of their estate by way of life insurance purchases, arranging ahead for future extended-term care demands, assisting grandchildren with college funding, creating charitable donations, and to convert IRA funds to Roth IRA funds, just to name a couple of.

&#13

Valerie VanBooven RN, BSN, PGCM (http://www.theltcexpert.com) warns that many newspaper, Tv, radio and internet articles circulating in the media give inaccurate and misleading details about reverse mortgages. According to VanBooven, the so-known as “experts” who are interviewed for quotes usually have no involvement in the mortgage market and do not comprehend the federal law that regulates these loans.

&#13

“The media attracts much more readers, viewers, and listeners when they can spin an write-up or report to make it far more fascinating, scary, or dramatic. I would encourage every person contemplating a reverse mortgage to educate themselves by means of reliable internet sites and info, talk with a expert, and then make an suitable decision. Shoppers are capable to make informed decisions when armed with the information,” says VanBooven.

&#13

Some websites to assessment consist of http://www.reversemortgage.org , and http://www.fanniemae.com .

&#13

Each and every customer need to make it his or her own duty to speak with an professional. Valerie VanBooven has written a tip and fact sheet that addresses all of the myths and misconceptions with regards to reverse mortgages. You can uncover all of the information needed by going to Valerie’s blogs at http://www.seniorserviceselling.com or http://www.theltcexpert.com/website/371/valeries_weblog.aspx&#13

&#13

###

&#13
&#13
&#13
&#13
&#13