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Reverse Home Mortgages

Pennsylvania Reverse Mortgages

by Jill Morrison

Many Pennsylvania residents are concerned about finances during retirement. They may want to consider using Pennsylvania reverse mortgages for retirement funding. Those age 62 and over can receive cash payments from their home equity without taking out a traditional loan or selling the home. No repayment on reverse mortgage loans is necessary until you vacate the house.

Considering Pennsylvania Reverse Mortgages

When looking at options for Pennsylvania reverse mortgages, one option is the FHA home Equity Conversion Mortgage. This loan can be customized so that it meets individual needs. It has flexible payment options such as regular monthly payments or a lump sum payment. A line of credit options can also be offered with this type of loan.

A second option for Pennsylvania reverse mortgages is the Homekeeper by Fannie Mae. Fannie Mae is a private, national mortgage company. The Homekeeper loan has been available since the mid-1990s and is quite popular. All fees are included in the loan and you may choose line of credit options for receiving payment. The Homekeeper loan has a higher lending limit than the FHA-HECM loan.

The third option for a Pennsylvania reverse home mortgage loan is the Financial Freedom Cash Account. This option is not available in every state. It is great for seniors who own higher priced homes because there is no maximum lending limit. The loan also has higher home equity release options. It is a desirable loan because it offers flexible income payment options or line of credit options.

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