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Reverse Mortgages Allison Park PA

This page provides relevant content and local businesses that can help with your search for information on Reverse Mortgages. You will find informative articles about Reverse Mortgages, including "What is a Reverse Mortgage ?". Below you will also find local businesses that may provide the products or services you are looking for. Please scroll down to find the local resources in Allison Park, PA that can help answer your questions about Reverse Mortgages.

Land-home Financial Services
(412) 487-0991
4068 Mount Royal Blvd Ste 204A
Allison Park, PA
 
Fidelity Savings Association
(412) 931-4300
1009 Perry Highway
Pittsburgh, PA
 
Pennsylvania Preferred Mtg Co
(412) 369-5363
9401 Mcknight Road Ste 305B
Pittsburgh, PA
 
Lincoln Mortgage LLC
(412) 366-5939
500 Mcknight Park Dr Ste 502Ab
Pittsburgh, PA
 
Mr. Richard P. Sabo (RFC®), RFP
(724) 443-5720
5061 Rt 8
Gibsonia, PA
Company
Money Concepts International
Qualifications
Education: 20 years in the financial planning business. I also testify as an expert witness on insurance and investment fraud. I also have an Income Tax Preparation service.
Years of Experience: 22
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Asset Protection

Data Provided by:
All Pennsylvania Reverse Mortgage Inc
(412) 963-6062
4085 Route 8
Allison Park, PA
 
Allstate Financial Services
(412) 369-9500
One Forestwood Drive
Pittsburgh, PA
 
Countrywide Home Loans Inc
(412) 364-9646
5439 Babcock Blvd Suite 108
Pittsburgh, PA
 
Approval One Mortgage Corp
(412) 369-0663
3348 Babcock Blvd
Pittsburgh, PA
 
Howard Hanna Financial Ser Inc
(412) 967-9000
119 Gamma Dr
Pittsburgh, PA
 
Data Provided by:

What is a Reverse Mortgage ?



What is a Reverse Mortgage ?
Tue 10/23/07 11:15:46 am
Income for Sr. Home Owners

everse mortgages are government insured home loans specifically designed for senior homeowners. This type of loan allows a homeowner to payoff their existing mortgage along with a combination of the following: establish a credit line, receive monthly checks, or withdraw cash. The amount of cash available depends on many factors, which we will discuss shortly.

If you choose to get cash with your reverse mortgage loan, you can choose from the following methods:

Tenure - equal, monthly payments.

Modified Tenure - line of credit combined with monthly payments. Term - equal, monthly payments for a fixed period.

Modified Term - line of credit combined with monthly payments for a fixed period.

Line of Credit - payments or installments at the borrower's discretion (much like a standard credit line - use the money only when you choose to).

Perhaps the most worthwhile benefit of a reverse mortgage is that the borrower will not be required to make any mortgage payments for the duration of their stay. That's right: zero payments for the rest of their life or until they move from the home. As you can imagine, zero house payments could drastically alter a person's lifestyle in a positive manner and could do so almost overnight.

In regards to qualifying for a reverse mortgage, there is yet another benefit that is often over-looked: you do not need to verify your income since the loan is based on your home's value. There are no payments to be made, remember? Essentially, you do not need any income nor do you need an outstanding credit report.

When reverse mortgages were first introduced, they allowed the lender to have a stake in the future value of the home. In essence, the lender would profit from your equity even if it extended beyond the original loan amount. Fortunately for seniors, times have changed for the better: regardless if your home goes up or down in value, you will never owe more than the loan amount or your home's current value, whichever is lower.

Another question often asked is: can I outlive my loan? You can never outlive a reverse mortgage loan. So long as you are alive and living on the property, you will never have a mortgage payment for your reverse mortgage. Nor can a lender take your home away from you. As long as you live in your home, pay your taxes and insurance, you can live indefinitely in your home without making a single payment. The amount of money that can be borrowed with a reverse mortgage is dependent upon many factors, including but not limited to: the age of the borrower, the amount of money currently owed on the home, the interest rate, the value of your home, and FHA's lending limits for your area. Typically, the older you are and the less money you owe on your home, the more you can borrow. However, every situation is unique. To get an accurate, approved loan amount, you shoul...

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