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REVERSE MORTGAGE

Reverse Guide Cover

Let the power of your home bring you closer to the retirement you deserve.

While most people approaching retirement think of their personal net worth in terms of savings, stocks, bonds, or retirement accounts, the reality is quite different. Studies show that half of homeowners age 62 or older have at least 55% of their net worth tied up in home equity.*

What exactly is a “reverse mortgage”?

 

With a reverse mortgage, more accurately now called a Home Equity Conversion Mortgage (HECM), homeowners age 62 or older receive a portion of their home’s equity while living in the home, and with no monthly mortgage payments. The funds are tax free**, and borrowers retain ownership and title to their home as long as they:

• Live in the home as their primary residence.

• Continue to pay required property taxes and homeowners insurance.

• Maintain the home according to Federal Housing Administration requirements.

What are the benefits and uses of a reverse mortgage?

From eliminating your monthly mortgage payment to paying for unexpected expenses, a reverse mortgage can help provide financial flexibility and relieve many of the financial pressures you face in retirement. A HECM can allow you to:

 

• Pay off an existing mortgage, monthly bills, or healthcare expenses to increase cash flow.

• Make needed home repairs or modifications to live more comfortably.

• Replace taxable withdrawals from 401(k) or other retirement plans with tax-free reverse mortgage proceeds.

• Establish a line of credit for emergencies or occasional expenses.

• Help a child or grandchild with major expenses, like a down payment on a home or college tuition.

You will most likely have more questions. Below are some links to more information, but please click the button and send us a message so we can tell you more and discuss your options. There is no obligation to find out more.

To learn more click the links below:

FAQ's About Reverse Mortgages

Penny Lane Financial: Your Reverse Mortgage Specialists

Understanding Reverse Mortgages: We're Here to Help

*CFPB Report to Congress on Reverse Mortgages, June 2012. Note: A credit line is available only on adjustable-rate HECM products.

**2 Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.

***This material is not from HUD or FHA and has not been approved by HUD or a government agency.

The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.

Penny Lane Financial - Trust and Expertise in Financial Services.

Important Disclosures

Equal Housing Lender:
Penny Lane Financial, LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

NMLS Consumer Access:
Our NMLS number is 1905686. WA – MB1905686 AZ – 1034711  You can verify our licensure status and find more information about our company at the NMLS Consumer Access website: https://www.nmlsconsumeraccess.org/ WA – MB1905686 AZ – 1034711

Terms and Conditions:
The loan terms and conditions provided by Penny Lane Financial, LLC are subject to change without notice. All loan approvals are subject to underwriting guidelines and credit approval. Not all applicants will qualify. Interest rates and annual percentage rates (APRs) are based on current market conditions and are subject to change.

Mortgage Loan Information:

  • Loan Types: We offer a variety of mortgage loan options, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and jumbo loans.

  • Interest Rates and APRs: The interest rates and APRs provided on our website are estimates and are subject to change based on market conditions and borrower qualifications. Please contact us for the most current rates.

  • Loan Fees and Costs: Mortgage loans may involve fees, including origination fees, appraisal fees, credit report fees, and other closing costs. These fees will be disclosed to you during the loan process.

Consumer Rights and Responsibilities:
As a borrower, you have the right to receive a Loan Estimate within three business days of submitting a complete loan application. This document provides important details about the loan terms, estimated costs, and other important information. You also have the right to receive a Closing Disclosure at least three business days before your loan closing, which outlines the final terms and costs of your loan.

Homeownership Counseling:
If you are experiencing financial difficulties or have questions about your mortgage loan, you may seek assistance from a HUD-approved housing counseling agency. For a list of HUD-approved counseling agencies, visit the HUD website at https://www.hud.gov/program_offices/housing/nationally_hud_approved_housing_counseling_agenciesdirectory

 

Insurance License:
Penny Lane Financial, LLC holds life, disability, property and casualty insurance licenses in WA and AZ, NPN #17702278. We are committed to providing comprehensive financial services, including insurance products, to meet the diverse needs of our clients. Regulated by Washington State Insurance Commissioner at https://www.insurance.wa.gov/

Privacy Policy:
We are committed to protecting your privacy and ensuring the security of your personal information. For details on how we collect, use, and safeguard your information, please review our privacy policy here.

Contact Us:
If you have any questions or need further assistance, please do not hesitate to contact us at 253-327-1177 or email to vip@pennylanefinancial.com.

Penny Lane Washington

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Penny Lane Financial NMLS #1905686 WA State, NMLS #1034711 AZ State

 

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