Homeowners living in Quakertown PA may have heard about reverse home mortgages and wondered if pursuing one is a good idea. There’s tons of information online about the advantages and drawbacks of reverse mortgages. It can get confusing! Here are 4 scenarios when reverse home mortgages make sense.
If you need a bit of financial breathing room, you could create it by selling your home and buying a home in Quakertown that is less expensive. If you are dead-set against moving to another house or condo, a reverse home mortgage may be the answer to give you the extra monthly income you need.
Reverse home mortgages require insurance. If you plan to sell soon, it will probably be difficult to recoup the money spent on the reverse mortgage. Staying in the home a long time, however, allows the home’s value to grow to cover the insurance, fees, and loan value.
Barely getting by, even with the reverse mortgage, can set you up for foreclosure. If your current income coupled with the monthly reverse mortgage payments cover your necessities as well as the taxes, homeowner’s insurance, and repairs, then it makes more sense.
Reverse mortgages make it more challenging to leave your home to an heir. If you aren’t planning on leaving your home to children or other heirs, it’s more prudent to tap into your equity through a reverse home mortgage.
Living in Quakertown by getting a reverse home mortgage can be the best decision for your financial future. It pays to think about the different options available to you, and to talk to a professional lender about your decision.
Mike Pawlikowski
Federated Lending comes through again
Federated Lending comes through again. Tom K. and Federated Lending team helped me through the process of getting my original mortgage and now again with the refinance. They made the process very easy and I am extremely happy with the end result. I would strongly recommend if your looking for a mortgage or refinance that you reach out to the Federated Lending Team.
Shawn Cannon
Second time working with Vince
Second time working with Vince. Have had nothing but great experiences. Highly recommend!!
Jacob Desperak
Wonderful and easy experience!
My wife and I had a very good experience with Fedlend thanks to Andy and Kathy. We couldn’t be more thankful for all the help and guidance we received along the way. Would definitely recommend to all home buyers, as we will use Fedlend for our next purchase or refinance.
Patrick Mallon
Federated Lending has great customer…
Federated Lending has great customer service, a very knowledgeable staff, and made re-financing an effortless experience.
Kristen Katzianer
Easy process from start to finish
Easy process from start to finish. The underwriter should make more money.
Megan Detwiler
We were happy with our experience. Initially there was a step missed that caused a slight delay, but we couldn’t be upset because it ended up getting us a lower rate overall. We were able to sign the documents in the comfort of our own home which was super convenient and appreciated. Would recommend!
Katie Novak
Federated Lending was a great mortgage…
Federated Lending was a great mortgage company to work with! We were able to ask questions and get immediate answers.
Jorge Figueroa
Federated Lending Is Fantastic and Honest
This was such an easy transaction. What is probably the most stressful thing to do Andy and his Team made this absolutely seamless. Everything was done perfectly and right on time. Zero issues at the closing table and it all went exactly as it was explained. I was prepared for so many things to be a push up and there was none of it. NONE! I cannot say enough ...
Elaine Punchello
I've trusted Federated Lending multiple…
I've trusted Federated Lending multiple times for my home mortgages. They make what can be a difficult process easy to get through. I've never had a delay in a settlement because of my mortgage, which is a frequent issue with other lenders. I'll continue to use them and recommend them. Thanks!
Bart Cerami
Andrew Larson and Federated Lending made refinancing my home simple, and saved me a lot of money in the process. And Andy continued to assist me after the closing when I had a question regarding my local tax payment. I have already recommended him to several of my friends and will continue to do so. Thanks Andy!!
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