Reverse Mortgage Advantages -PA Reverse Mortgage Programs
Get cash out or pay off debt and make no payments
- For as long as you live in the home or keep the loan
- Lasts as long as one homeowner remains
- Lender cannot require any payments with minimal homeowner obligations
Complete security
- With minimal requirements, the lender can never take your home
- No change to the title – lender receives only a mortgage lien
- The extra money may help you to maintain your independence and security
You Remain in Control
- You decide how much equity you will use or leave to your heirs
- You control how much, or how little, money you take out of your equity
- Leave the vast majority or very little of your equity
- Conservative lending limits generally prevent you from using all of your home equity
Safety and Fairness
- Government designed, highly regulated, and extensively disclosed mortgage program
- Independent counseling is always required before the loan process is complete
- Fair and reasonable business transaction – lender is repaid only what it is owed
Reverse Mortgage Advantages -PA Reverse Mortgage Programs