Philadelphia Reverse Mortgage – Reverse Mortgage in Philadelphia, PA
Did you know there are more reverse mortgages in Philadelphia, PA than anywhere else in the country? Reverse Mortgage Reality is the #1 Trusted Reverse Mortgage provider from Philly to Bucks County, Chester County, Montgomery County, Delaware County, Berks County and all across the state of Pennsylvania.
Since 2008 we’ve helped over 431 seniors learn about and get reverse mortgages.
Here are the types of folks we help…
- Seniors looking for reverse mortgage information for themselves
- Family members who are looking for potential help for loved ones
- Trusted advisors like attorneys, CPAs, financial advisors and home health agencies
At Reverse Mortgage Reality, we have an Education First model. Here’s how it works…
- First, we TEACH you about how reverse mortgages in Pennsylvania work.
- Next, we LEARN about your situation. Together, we figure out if a reverse mortgage is an appropriate solution that will help you.
- Finally, IF a reverse mortgage is the right option for you, we’ll walk you through the process, hand in hand.
WHAT TO DO NEXT
No matter where you are in the information gathering process, we’ll be glad to help. Please call locally (267) 289 1095 or click below for a detailed proposal.
Now, while we’re here, let’s learn a little bit more about what reverse mortgages are and how reverse mortgages work.
WHAT IS A REVERSE MORTGAGE?
A reverse mortgage is a program that’s only available for seniors who are 62+ who own their home and want to stay there. It allows you to take PART of your home’s value, in tax free cash, without requiring monthly payments.
If you’re wondering why you don’t get the ENTIRE value of your home, its because you aren’t selling it to the reverse mortgage company. You are still the full owner. We just get paid back when you(or both you AND your spouse) pass away or sell your home. More on that later….
When you get a reverse mortgage, first, we pay off anything that’s owed on your home. This means a first or second mortgage, a HELOC, any sort of loan, taxes or judgments.
Next, if you qualify for extra money, you can take it up front in 2 lump sums, you can take it in monthly income(just like an annuity), or you can leave it in a line of credit that actually grows tax free over the years.
If you’d like a reverse mortgage calculator…click below and we’ll show you how much cash you can get and your options.
Here are your options in Philadelphia reverse mortgage options. Reverses are broken into 3 types, the federally insured reverse mortgage(HECM), a JUMBO reverse mortgage and the reverse mortgage for purchase. Below we’ll go over each option…
This stands for Home Equity Conversion Mortgage. This is the most common type of reverse on the market today. It covers the above characteristics under “What is a reverse mortgage?”
A HECM is insured by the FHA and covered by “MIP”, which is a sort of federal insurance. It protects your heirs in case the market drops(think 2008).
In addition, HECMs cover homes up to a maximum value of $765,600. Yes, we can do HECMs for pricier homes, but there might be better options.
✅ JUMBO REVERSE MORTGAGE
A jumbo is for homes who have higher values than $765,600. Being outside of the FHA, high value home owners can get more cash from a jumbo.
For example, a senior who’s home is worth $1,300,000 would be able to get FAR MORE CASH from a JUMBO Philadelphia reverse mortgage than a traditional HECM.
✅ REVERSE MORTGAGE FOR PURCHASE
A reverse mortgage(or HECM) for purchase is a unique tool that allows seniors to “rightsize” to their forever home and remain financially stable. With a HECM for purchase, a senior will invest approximately 45-65% into their home with the reverse covering the rest. The senior will have no mortgage payments to pay for the rest of his or her life.
Here’s an example of how a reverse mortgage for purchase works. Frank is 68 and moved from New Jersey to Philadelphia to be closer to his grandkids.
Frank found a wonderful home in a 55+ Community that he purchased for $403,000. Because of his age, Frank invested just $216,000 into the home, and the reverse mortgage covered the remainder. And of course, Frank has no mortgage payments. He just has to stay current on his property taxes, homeowner insurance and HOA dues.
Frank couldn’t be any happier with his reverse mortgage…he’s got money in the bank AND he doesn’t have any monthly payments.
HOW REVERSE MORTGAGES HELP SENIORS
You just briefly read about how Frank used a reverse mortgage to purchase his forever home close to his grandkids. How else can a senior use a reverse mortgage in Philadelphia, PA?
✅ Eliminate Your Existing Mortgage/Bills and Save Cashflow
✅ Pay for Home Health Care to Age In Place
✅ Buy Your “Forever Home”…Just Like Frank
✅ Get Annuity Style Income(but without the taxes)
✅ Create a Line of Credit that Grows Over the Years(again tax free growth)
✅ Fund a Business
✅ Take Care of Family Members
✅ Aid In “Grey Divorce”
✅ Self-fund Long Term Care(by either buying a policy OR setting your own line of credit)
✅ Create Another Bucket of Money to Draw From
✅ Stop Drawing Down Retirement Accounts(and save the taxes too)
✅ Etc Etc Etc
The bottom line is, if you’re looking information, have a question or want a quote we’d be glad to help. We help folks all over Pennsylvania(and the country), but our hearts are in Philadelphia. Reverse Mortgage is a wonderful program for senior citizens, and we’d be more than happy to walk you through the process…together. For contact information…
CALL US AT (267) 289 1095 OR