No Cost Reverse Mortgages Now Available from Legacy Reverse Mortgage

Online, June 30, 2010 (Newswire.com) - San Diego, California, May 23, 2010 -- Instead of being forced to go back to work or eating into their dwindling retirement funds, seniors can use the equity that they have built in their home, putting their long time home to work for them instead of the other way around.

Legacy Reverse Mortgage, a web site dedicated to clear and easy-to-use financial information is now proud to present a reverse mortgage calculator in addition to other helpful tips, guidelines, informative articles and the handy, easy-to-use tool that can allow the average user to determine if they are eligible for a reverse mortgage and how much they could see from their home.

A reverse mortgage is only available for people who are 62 years of age or older, as well as a number of other restrictions. While there are a few restrictions for those who can apply and be approved for a reverse mortgage, there are also restrictions for those who can issue one as well. Because they are government insured, reverse mortgage applicants must speak to a government approved counselor before proceeding. There are currently over a million seniors who are receiving money from a reverse mortgage.

A reverse mortgage payment can be taken as a lump sum payment, a recurring, monthly payment, as a line of credit or any combination of all of three. The money can be used for any purpose at all, from regular monthly bills and expenses or larger expenses such as home repairs, health care or vacations.

For more in-depth information, the site features videos regarding the reverse mortgage and other financial products. The site also encourages anyone who is interested in a reverse mortgage or other financial products to get all the information that they need before making any decisions.

In addition to being able to use the reverse mortgage calculator on their own, users can use the toll free number to get assistance, twenty-four hours a day. A live chat feature is also available and can be accessed from 7 am to 6 pm PST.

About Legacy Reverse Mortgage: In addition to the website, there are several branch offices, including the main office in San Diego and others in Florida, Washington, Texas and Hawaii.