What is a reverse mortgage? Could a reverse mortgage be right for you? We spoke with State College mortgage broker D. Shane Whitteker about this sometimes misunderstood mortgage option. Whitteker is the owner and chief broker at Principle Home Mortgage.

Who qualifies for a reverse mortgage?

If you’re age 62 or older, you may be able to turn your home’s equity into regular monthly income.

What can I use my reverse mortgage payments to buy?

There is no limit to how you can use your reverse mortgage income. It’s a great way to help retirees cash in on the equity they’ve built up in their home, and use it to pay medical bills, go on vacation, purchase a new car - or anything else they need the money for.

Do I ever have to pay it back?

When you take out a reverse mortgage, you’re still responsible for paying the property taxes, insurance, and any homeowners association dues. However, you’ll never have to pay anything unless you sell or leave the home.

Why is this available?

Reverse mortgages have some negative stigma which is largely due to mis-information. These mortgage products are designed to allow borrowers to stay in their home without a mortgage payment while extracting equity to facilitate the lifestyle the client intends to live.

How can I get a reverse mortgage?

Principle Home Mortgage is now offering reverse mortgages for qualified borrowers. Whether you’re in State College, or anywhere else in Pennsylvania, these mortgage products are a good tool for clients that need to use mortgage options to help set up their retirement.

If you’d like to learn more about whether a reverse mortgage is right for you, contact State College’s premier mortgage broker Principle Home Mortgage today at 814-308-0959.