Dollar Bank Hour: Reverse Mortgages

PITTSBURGH (NewsRadio 1020 KDKA) — Randy Davis of Dollar Bank joined KDKA Radio's guest host John McIntire to discuss reverse mortgages.

The ideal circumstance in acquiring a reverse mortgage is the financial advantage. A reverse mortgage is beneficial to people 62 and over. Requirements for a reverse mortgage is owning a home and having equity in that home.

Although there are many financial benefits to a reverse mortgage, there are also misconceptions made about having one.

"There are a lot of misconceptions made about a reverse mortgage, like the bank owning the home, the bank doesn't own the home and loan proceeds are not taxable,"  said Davis.

He also discussed exactly how to get a reverse mortgage, and gave advice to callers who had specific questions about reverse mortgage's.

Listen to the Dollar Bank Hour every Wednesday at 7 p.m. on NewsRadio 1020 KDKA.