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Reverse mortgages help elderly residents stay in their homes
Reverse mortgages allow homeowners 62 years old or older to borrow against the equity in their home and receive payment in a lump sum, on a monthly basis or on an occasional basis as a line of credit. The money does not have to be repaid until the homeowners no longer use the house as their primary residence, sell the house or die. The Federal Housing Administration reported that the number of reverse mortgages issued jumped by 77 percent last year, from 43,131 in 2005 to 76,351 in 2006. That trend likely will continue, said Gene Burke, president of All-Pennsylvania Reverse Mortgage in Hampton. "(Western Pennsylvanians) have the memory from their parents of real estate foreclosures on homes and the specter of furniture being put on the street and being evicted," Burke said. "It's a fear that many older homeowners have. "You're talking about 70,000 reverse mortgages being done. It's a drop in the bucket when you're talking about eight or nine million (conventional) mortgages being done." Lou Lorenz, of West Penn Financial Service Center in the Strip District, said reverse mortgages are especially beneficial to those who plan to stay in their homes long term. He has helped hundreds of senior citizens through the reverse mortgage process during the past 15 years. The biggest worry his clients have had? "Property tax," he said. "Our stance is, for some people, it can be the best scenario for them, for their finances," said Ray Landis, AARP associate state director for advocacy in Harrisburg. "It's certainly not the right thing for everyone." But for those with sentimental connections to their homes, it might be worth looking into, said Barbara Dickman, of Delmont, Westmoreland County, an AARP spokeswoman for the Pittsburgh district. "People are living longer," Dickman said. "Nobody wants to give up their home. Once they have it paid off, there's an emotional tie there. They don't want to do (leave)." For more information on this and other real estate matters, your first source for Palm Beach real estate should be licensed agent and long-time resident Caesar Parisi. click here for article |
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