Reverse Mortgage Philadelphia: Answers to 5 Common Questions
Rodney Monroe
October 08, 2009
Q: Would I meet the requirements for a reverse mortgage if I currently have an existing loan on my home?
A: Yes, but the existing loan must be paid off prior to or at the settlement of the reverse mortgage. Quite often the reverse mortgage is used to refinance an existing loan.
Q: My property is held in trust. Do I qualify?
A: Yes, but you must be the primary Trustee and qualified by age.
Q: To avoid probate, my children and I own the property in joint tenancy. Do we qualify?
A: Yes, if the children are age 62 and older and live in the property. Otherwise, they would need to be taken off the title for you to participate.
Q: Are mobile homes eligible?
A: Yes. The home must have been built in 1977 or later and have a permanent foundation that is approved by FHA.
Q: Are there restrictions on how I can use the money?
A: Of course not! After all - it's your money.
If you live in the Greater Philadelphia Area and have questions about a reverse mortgage I can help. Call me today at 610-717-2879. Out of town caller can reach me Toll-Free 1-877-311-7383.
P.S. Take my APPLES TO APPLES comparison test to the bank!
Take the time to compare and you win! When you choose to work with me, you are guaranteed to get the best deal possible for your reverse mortgage. Simply invite me to compare my Good Faith Estimate & Summary with any of my competitor's. If I cannot beat their estimate in writing and provide you with the most money possible, I will turn this certificate into $50 Cash. (Must be on identical reverse mortgage products, restrictions apply)
I have office locations in all of the Greater Philadelphia counties below:
- Philadelphia County
- Montgomery County
- Chester County
- Delaware County
- Bucks County
Get answers to more Reverse Mortgage FAQ, by visiting my blog How Do Reverse Mortgages Work
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