It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Pennsylvania, don't hesitate to contact one of our specialists at any time.Pennsylvania seniors, like many across the nation, have been feeling the sting of recent economic events. While it's difficult dealing with economic uncertainty when you're working, it's even worse when you're living on a fixed income. What's really frustrating is that many seniors are struggling to pay their monthly bills, while they're unknowingly sitting on a substantial investment - the equity they've built up in their homes. Whether or not you're retired, if you're 62 years of age or older you could access that equity through a reverse mortgage. Pennsylvania seniors across the state have used reverse mortgages to help pay off medical bills, renovate their homes, or feel more financially prepared for emergency situations.
Paying Back a Reverse MortgageIt would be nice to eliminate mortgage payments and have extra cash, but how do you pay back a reverse mortgage? Pennsylvania residents are not required to make loan payments on a reverse mortgage until they either sell the home, no longer live in the home, or pass away.* When one of these conditions is met, the loan amount and accumulated interest come due. If the loan comes due, the borrowers' heirs could either sell the home to pay off the mortgage, or refinance for the amount owed, which includes any accumulated interest. Remember, a reverse mortgage is a nonrecourse loan, meaning you never owe more than the appraised value of the home. As the borrower, you remain the owner of your home and must pay all property taxes and insurance fees. You're also responsible for keeping the home well maintained. As for the money freed up by accessing your equity, it can be put to use in any way you want.
Pennsylvania Reverse Mortgage SpecialistsConsider a reverse mortgage if you want to rediscover the feeling of financial security and capitalize on the value of your biggest and wisest investment - your home. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in Pennsylvania. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.