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Pittsburgh Reverse

Mortgages

A perfect loan program for our senior homeowners. Experience peace of mind in your retirement with the help of your own house. Helping seniors maximize their financial assets.

SECURE RETIREMENT INCOME

PAY FOR MEDICAL CARE & EXPENSES

MAINTAIN & IMPROVE YOUR HOME

Understanding What Is Right For You

How To Know If Reverse Mortgage Is Right For Me?

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How Reverse Mortgage Work? Research. Application. Counseling.

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Applying For Reverse Mortgage? Know The Basics

To get the most out of your reverse mortgage, it is important to understand what are the basics of this program and how it works for everyone. Knowing the benefits and disadvantages of the reverse mortgage will provide you the best decision-making when it comes to applying for this type of loan.

For people who don’t know anything about this, a reverse mortgage or also known as reverse home mortgage is a loan program specially designed for homeowners aged 62 years old and older. This type of loan enables the homeowners to access part of their home’s equity. Many seniors who are applied for this program used it to secure their retirement funds, it is a great source of a person’s retirement planning.

What makes this difference? Aside from the fact that only 62 years old homeowners can apply for this loan, with the reverse mortgage the lenders pay the homeowner, unlike a regular mortgage which the homeowners pay the lender.

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Learn More About Reverse Mortgage

If a senior homeowner decided to apply for a reverse mortgage loan, he/she doesn’t need to worry about paying a monthly mortgage payment or even no need to sell their property.

Yes! That is correct, it is a tool that allows the homeowner to access their home’s equity without worry about monthly payments. In addition, after applying for this loan you may continue to live in your house.

However, the loan must be paid until the borrower moves out, sell their home, or dies. Apart from this, acquiring a loan on your property has a huge impact on the owner’s estate planning. That is why it is vital for a borrower to understand the possible impact of applying for this loan.

To make it more precise and clear you can ask our agent more about this.

Where The Loan Can Be Used?

There are many reasons why people choose to access the part of their equity, once the loan application is approved the borrower will receive the cash tax-free. And this cash can be used for anything they want such as house repairs or maintenance, dream vacation, savings, paying off bills or debts, or even buy a new house. But most especially it can be used to paying off medical expenses or maintaining standard retirement living, as long as it is an accepted use for reverse mortgage proceeds. Cash-out refinances will surely help with financial needs, which is why some homeowners choose to apply for this loan.

What Is Reverse Mortgage Good For

Accessing home equity is a true help for more than one million Americans especially in financial planning. Given the tax-free cash-out refinance and how the cash can be used anything they want. And here are some decent looks at the good features of reverse mortgages.

You’ll remain the owner and can still live in your house.

Since you can access only the part of your homes’ equity, you’ll remain the owner of your house, and as well as you can continue to live in it. Some misconception about this is that the lenders take ownership of the property, which is not correct because as long as the borrower complies with the terms of the loan and pays their property taxes plus the home insurance, they can maintain their own home.

No need for monthly mortgages.

Yes! A loan without monthly payments. One of the best features about applying for this loan is the borrower does not require to pay monthly mortgage payments, as long as you continue to live in your house. The loan will be repaid once the borrower sells his/her home, moves out to another residency, or dies. However, while they live with it, they must continue to pay for property taxes, home insurance, and as well as house maintenance.

Options for reimbursement.

We know that older adult has their own needs. With this, reverse mortgages provide many options for reimbursement. Your choice when to receive your fund may be in full amount or partial sum, some people choose credit card line, monthly payments, or a combination of the following options.

Reverse mortgage safe with market declines.

A reverse mortgage is run by the federal government, meaning if the loan’s end up amount is higher than the house value when the property is sold, the government insurance will cover the remaining amount of the loan. Meaning, even your house sales do not exceed the loan amount, the loan will be in full paid after selling.

  • Apply for reverse mortgage with no burden of monthly payments.

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    123 Hidden Valley

    Los Angeles, CA