Seniors Tapping Into Home Equity And Living Better Lives - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Seniors Tapping Into Home Equity And Living Better Lives

Mortgage Banker, Phillis Jackson at Athlan Mortgage Mortgage Banker, Phillis Jackson at Athlan Mortgage

Record numbers of Amarillo Senior Citizens are tapping into their homes equity. 
  
More and more Amarillo seniors are taking advantage of recent federal reserve interest rate cuts and applying for reverse mortgages. It allows them to take out the equity in their homes for their personal use. 

"It's a really good time to be doing the reverse mortgages because rates are low, property values in Amarillo are good, they're still high, and that's what we look at, the value of the house, the interest rate of the day and the age of the senior." said Mortgage Banker, Phillis Jackson at Athlan Mortgage.

Jackson also says anyone over 62 that owns a home with equity in it can qualify.  One local senior who didn't want to go on camera, says the reverse mortgage helped her in her time of need. 

"I have a business that really drained my finances and this has given me the opportunity to pay the things that I have not be able to pay and to get completely out of debt, so I don't have to worry about that."
 
Other seniors are using the loans to pay for medical expenses, home health care or and some just want a more comfortable life. 

"I thought it was too good to be true, I couldn't see how this could possibly be, but the more you look into it, it's easy to do it gives you the capital you need for the time being and you still retain the property as long as you live there." said our anonymous senior.

Once the senior moves or passes away, family members will have to repay the loan or the bank sells the house to collect on the loan.    

To learn more about the reverse mortgage process log on to amarilloreversemortgages.com or call Consumer Credit Counseling Services at 358-2221.
 

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