(EMAILWIRE.COM, February 21, 2008 ) Greater Metropolitan Detroit, MI -- The combination of a depressed housing market---due to the on-going economic recession that the State of Michigan has been experiencing during the last few years---and the government regulated and federally insured 203-b HECM (Home Equity Conversion Mortgage) Program, better known as "Reverse Mortgages," has provided the opportunity for senior baby-boomers to get relief from economic hardships, yet live in their own home worry-free at the same time.

Seniors (sixty-two years and older) can now have a house, whether or not they already own one---without having to make any mortgage or rental payments ever again. Seniors who have lost their jobs for whatever reason...who are in foreclosure...or who are spending their hard-earned and dwindling savings by renting, can receive a lump sum amount from an approved lender with which to purchase their primary residence.

Even though the "as is" value of the house may be considerably less than it was just a few years ago, the government uses an appraised "value in place" to determine it's worth. A calculated percentage is then applied to arrive at an amount which is issued to the senior as a lump sum with which to purchase the property. The difference between this amount and the appraised value represents equity which the senior receives---along with the house.

The new homeowner, now, only has to pay for normal upkeep of the property, which entails the usual homeowners insurance and property taxes plus repairs, but, does not make any monthly payments on the reverse mortgage. Closing costs are automatically covered by the HECM program; and, provisions for upkeep may also be factored in for the seniors if they so choose. At "the end of the trail," the house reverts back to the lender; or, may be assumed by the heirs who are under no obligation.

All of this represents a win-win situation for everyone concerned, as the government has provided an effective means in turning things around for hard-pressed: senior citizens, the lending industry, the housing industry, and cities and counties in the greater metropolitan Detroit area in the State of Michigan.

For more information on getting into the program, made possible by a group of innovative investors who exemplify the enterprising "can-do" spirit of the American way, please call the contact below....

Contact Information:
Other
Cliff Poshadlo, Jr.
Tel: (313) 565-3167
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