CHICAGO, Nov 14, 2008 /PRNewswire via COMTEX/ — With baby boomers now reaching their golden years, they are realizing that the retirement savings & benefits they’ve been counting on to retire may not be enough.

This sends chills down the spines of many an American senior. They may not be able to work any longer, and there may be no other way that they can find additional sources of income.

The U.S. has tens of thousands of folks 62+ years-old, and more and more of them are feeling the squeeze of higher costs of living. But now the rising number of American seniors in need can supplement their retirement savings & benefits without the risk of foreclosure, and with no payments to make. One great, surefire way to get cash, without any risk, nor mortgage payments due, is to take out a federally-insured FHA reverse mortgage.

Made for American home owners 62+, an FHA reverse mortgage allows one to take out tax-free, payment-free money against the equity in their homes, without having to sell, and without ever risking foreclosure.

Contrary to what some folks believe, an FHA reverse mortgage cannot cause you to lose your home. In fact, with an FHA reverse mortgage, you’re able to stay in your home, payment-free, for the rest of your life. The lender cannot foreclose due to “non-payment,” because there are no payments!

And, as the value of your home increases, you can refinance your FHA reverse mortgage, into a new FHA reverse mortgage, that gets you even more tax-free, payment-free money for your retirement! Again, it’s tax-free, payment-free, and will not reduce your Social Security & other retirement benefits. Nor will you ever be at risk of foreclosure. This is a safe, government program that’s been around for decades.

When you pass, your heirs can pay off the reverse mortgage with a life insurance policy, or by selling the home. Also, they have the right to keep the house in the family, by refinancing the reverse mortgage into a “forward mortgage” of their own.

The FHA reverse mortgage program has been around for decades already, and has proven to be the best choice for people 62+ years-old. Its popularity has been steadily increasing as the American population ages.

If you are over 62+ years-old, a home owner with some amount of equity, and are experiencing financial difficulties … or even if you’re on easy street … an FHA reverse mortgage may be for you!

Scott Tucker is the author of Reverse Mortgages … from Z to A, set for release spring 2009.