PITTSBURGH (NewsRadio 1020 KDKA) — Mike Henry of Dollar Bank joined KDKA radio host Robert Mangino to discuss reverse mortgages and refinancing.
Henry pointed out the specific advantages senior citizens can receive from having a reverse mortgage. Having a reverse mortgage over the age of 62 can help improve cashflow.READ MORE: Inbound Lanes Of Parkway East Closed Due To Overturned Tractor-Trailer Crash
Refinancing has become crucial for homeowners due to the rapid increase in interest rates. The longer a homeowner waits to refinance a traditional mortgage the more it will cost. Henry says interest rates will continue to go up.
Investment loans have become popular among investors who buy up properties and fix them up or use them as rentals.READ MORE: Pittsburgh Weather: Cool Morning With Mid-Day Warm-Up
Dollar Bank offers investors a number of different loan options that will meet their specific needs. There are certain qualifications investors must meet before getting the loan.
“The property needs needs to be habitable, not a restoration type, typically we’re are offering loans for properties that do not need much work,” says Henry.
Henry also discussed the importance of homeowners meeting with Dollar Bank to know what specific loan is right for them.MORE NEWS: Pa. State Representative Summer Lee Announces Bid For Congress
Listen to the Dollar Bank Hour every Wednesday at 7:00 p.m.