Federally Insured Program Helps Seniors Stay Home for the Holidays

TAMPA, Fla.--(BUSINESS WIRE)-- Joint Center for Housing Studies of Harvard University reports that 95% of seniors over the age of 75 want to remain and age in their home. Few seniors understand that there is a Federally Insured Program that can help them fulfill their desire.

Senior women may have an even more difficult time remaining in their homes through retirement. Currently, nearly 40% percent of older women living alone depend on Social Security for almost all of their income. WISER (Women’s Institute for a Secure Retirement) recently released a study billed as a “blueprint for change”. The solutions pointed to by the study are useful – and not just for women. The report describes the need to move toward a greater use of products like income annuities, long-term care insurance policies and reverse mortgages.

Tampa Bay resident Eloise Pruitt, an 85 year old widow, like most women has outlived her retirement savings. “I had mounting bills to pay and a home in bad need of repairs. I had heard about a Federally Insured Program that could help me and decided to contact Senior Lending for more information,” stated Eloise.

To qualify for the HUD Federally Insured Reverse Mortgage. First, the individual on title must be 62 or older and second, the individual must own the home with a low mortgage or no mortgage balance.

For Eloise her story has a happy ending because Senior Lending was willing to help her. “Why on earth aren’t more people telling seniors about this Federally Insured Program? I know that I am truly blessed to no longer have a monthly mortgage payment. The repairs were made on my home. Plus, I have the additional cash in my pocket each month. I love working in my yard planting flowers, tending to my garden and going to my exercise classes three times a week. I feel great and for as long as I can, I want to remain independent in my home,” shared Eloise.

The HUD Federally Insured Program can help seniors from losing their homes to foreclosure, provide an option to pay off debt to avoid bankruptcy and also pay for in home care. For complete details on the HUD Federally Insured HECM (Home Equity Conversion Mortgage), please visit www.SeniorLendingFlorida.com.