President Franklin Roosevelt signed the Social Security Act into law on August 14, 1935. He believed the program would eliminate the blight of poverty from the lives of senior citizens. Originally its purpose was to partially replace income lost due to retirement in old age. Seventy-two years later, today, Social Security is the major source of income for most retired senior citizens.
According to the Social Security Administration, in 2002, more than 46 million people received monthly social security benefits. The average monthly benefit paid to a retired senior citizen worker was $895 while the average benefit paid to a spouse was $451. Today, nine out of ten senior citizens receive social security benefits. About two-thirds of all senior citizens age 65 and above receive 50% or more of their total income from social security. Social Security lifts more than one in every three senior citizen Americans out of poverty. Most alarming is that one in every five senior citizen retirees sole source of income is social security. When you consider that
Unfortunately, this presents a tremendous problem for those who only live on their monthly social security benefit. This creates a situation that affects the quality of life. With limited monthly cash flow and with the cost of goods and services increasing, these individuals are losing the ability to create options in their lives. In turn, this creates financial and psychological stress that can ultimately affect their health and well being. Without options, senior citizens may experience their golden years in bleakness.
Thanks to influence by AARP and an act of Congress in 1989, senior citizen homeowners 62 years of age and older now have the opportunity to create new financial options in their lives by participating in the federally insured and guaranteed FHA/HUD Home Equity Conversion Mortgage program. Through this program, senior citizens can tap into the trapped equity in their homes and receive monthly payments for life, receive a lump sum distribution, or place part or all of the proceeds into a growing line of credit. All money received is tax free! Most importantly there is never a monthly house payment while the home is occupied. Homeowners retain the ownership (title) of their home and no debt can ever be passed onto the kids (heirs). There are no health, income, or credit qualifications. All you need is equity in your home.
If you are one of those senior home owners who only live on a monthly social security benefit, you should take a serious look at this program that will allow you to dramatically improve your monthly cash flow. Treat your home just like your social security options and improve the quality of your life by paying you back for a lifetime of hard work.
Victory Graphics and Media offers a free booklet about Reverse Mortgages and senior job opportunities in the Reverse Mortgage Industry, contact Todd Rutherford: todd@victorygraphicsandmedia.com
