PITTSBURGH (NewsRadio 1020 KDKA) — Mike Henry and Randy Davis of Dollar Bank joined KDKA’S Robert Mangino to discuss reverse mortgages.
Reverse mortgages are available to homeowners who have equity in their home, and people 62 years or older.
Acquiring a reverse mortgage can be financially beneficial in ideal circumstances.
Most borrowers use these loans to pay off credit card debt, or purchase a new home without a mortgage payment.
“A reverse mortgage is far better than credit card debt and what you would have to pay over time”, said Henry.
Reverse mortgages are highly recommended for senior citizens. The older a borrower is the more they receive, the younger they are the less they get.
“We offer a competitive rate, we don’t sell the servicing to a majority of our loans”, said Henry.
Mike Henry and Randy Davis answered specific questions callers had about reverse mortgages.
Listen to the full show for more information about reverse mortgages.
Listen to the Dollar Bank Hour every Wednesday at 7 p.m. on NewsRadio 1020 KDKA.