3 Pennsylvania Reverse Mortgage Myths
Myth #1 - Your Pennsylvania Reverse Mortgage Lender will take the title to my home
Your title is not negotiable. A Title on a Pennsylvania reverse mortgage is no different than any other mortgage type you have ever had - only you (and a spouse) the homeowners are on the title. The reverse mortgage loan is secured by a security note and a reverse mortgage lien is recorded. When the house is sold or becomes vacant, the reverse mortgage loan must be re-paid.
Myth #2 - You need good credit for a reverse mortgage
A Pennsylvania reverse mortgage loan is not based on your ability to repay the reverse mortgage (your home stands for the reverse mortgage lien) it is only based on your home’s appraised value and your age at the time of your reverse mortgage loan commitment. Your income and credit are not qualifying factors. A credit check is required but it is only used to validate your identity and make sure you have no Federal debt.
Myth #3 - Reverse mortgage borrowers owe more than their home is worth.
Because all Pennsylvania reverse mortgage loans we offer are "non-recourse" this can never happen. This means regardless of the reverse mortgage loan balance no one (you, your heirs or loved ones) will never owe more than your home is worth. This is by Federal Law.
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Get Your Best Pennsylvania Reverse Mortgage Loan | 3 Pennsylvania Reverse Mortgage Myths