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Wichita Falls, Texas

Next to the Wichita River in northwestern Texas' Red River Valley, Wichita Falls is a pleasant, unpretentious place. Locals enjoy a riverwalk, extensive walking trails, a popular farmers' market and performances in the beautiful Kemp Center for the Arts. Nearby 16,000-acre Lake Arrowhead is the spot for camping, hiking and boating.

Starkville, Mississippi

Starkville sits in northeastern Mississippi and is home to Mississippi State University, giving the town a youthful, academic vibe. Cultural amenities are in good supply, as are university athletic games. Oktibbeha County Lake is open for fishing, boating and camping.

How You Can Benefit from a Reverse Mortgage

If you are looking for a way to have a more comfortable retirement, a reverse mortgage may be a way to finance it.

If you are age 62 or better, own your own home, have enough equity in it and plan to stay in it during retirement, then you can probably qualify for a reverse mortgage, letting you elimnate your current mortgage payment and receive tax-free money for retirement (or anything else). You keep ownership of your home until you leave it and continue to pay taxes and insurance on it.

A reverse mortgage is not for everyone - fees can be high and there are a few other downsides - but for many people, this mortgage product can be a financial lifesaver. Talk to a HUD representative or reputable mortgage lender to see if a reverse mortgage is right for you.

Desire a Nicer Home Without a Mortgage Payment?

If so, consider a Home Equity Conversion Mortgage (HECM) for Purchase. This is a reverse mortgage that lets people age 62+ purchase a new home by using a reverse mortgage.

How does it work? Buyers must put down approximately 45% to 62% of the new home's purchase price, depending on the buyer's age and other factors. This money usually comes from the buyer selling his current home. The rest of the purchase funds come from the HECM loan.

For example, a person sells his home and nets $250,000 from the sale. With a HECM for Purchase Loan he can then buy a new $450,000 home by putting down $225,000 (50%), keeping $25,000 cash in his pocket and financing the remaining $225,000 home price with the reverse mortgage loan. Best yet, the buyer will have no monthly mortgage payments.

Talk to a reputable reverse mortgage lender for more information.

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