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Taking Advantage Of Pennsylvania Reverse Mortgage Loans
By: Miroslav Mieke

Many seniors in the United States are taking advantage of a relatively new way of increasing their retirement income. This program takes the equity you have built in your house over the years of paying your mortgage and turns that into a steady stream of income. This program is called a Pennsylvania reverse mortgage. In a simplified explanation a Pennsylvania reverse mortgage changes the equity of a borrower’s home into liquid attainable proceeds.Potential Pennsylvania reverse mortgage borrowers must be at least sixty-two years old. If you’re married and both spouses are on the title of the property both of you have to be over sixty-two.

The age of the borrower is a critical factor in how large the Pennsylvania reverse mortgage loan can be. The amount of money you receive is based on your life expectancy so the older you are the more money you’ll be able to receive from a Pennsylvania reverse mortgage. If you are sixty-two you will qualify only for the smallest amount of money because the lender will expect you to be receiving it for quite a long period of time.

Borrowers must actually own their home and use it as their primary residence. You must live in the house for at least six months of the year. There are now programs for second homes, but the amount of money is going to be way less because the risk to the lender is more. These Pennsylvania reverse mortgage loans are called proprietary since they aren’t insured by HUD. Certain types of homes are ineligible and they include some manufactured homes, cooperatives and most mobile homes. The condition of the home and where it is located can also affect the Pennsylvania reverse mortgage qualification.

The Department of Housing and Urban Development has some basic property standards that have to be met in order to qualify for a Pennsylvania reverse mortgage as well.

Author Resource: Visit here for more information on how to get a reverse mortgage.

Article From: Real Estate Articles 4 U

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This entry was posted on Thursday, October 30th, 2008 at 10:22 pm and is filed under Mobile Home Finance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.