Home Improvement Funding for Seniors

3/14/2010 3:35:54 AM #

In regards to your Mother being required to pay for the tap in fees for the new sewage lines, etc. the first thing she or you can do is contact the USDA Rural Development. You can do this by going to http://www.rurdev.usda.gov/pa. Once on the site check for your local Area Specialist. There are different assistance and grant money programs available for low income seniors. Check this out first. If she does not qualify then please call me at 412-597-2655 to discuss if a Reverse Mortgage may be an option for her. Good luck.

Answer by: Randy Davis
Reverse Mortgage Specialist
Dollar Bank Pittsburgh, PA
412-597-2655

More Info on Dollar bank Reverse Mortgages:
www.todaysseniorresource.com/closeup.asp

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3/14/2010 3:36:46 AM #

If there is no funding available for her, one option may be a reverse mortgage.  In many cases, this is a GREAT product for those who are in need of cash.  The sewer line should also increase the value of her home.

Not knowing her situation, there are two scenarios to look at.  One is if she has a mortgage payment, this would eliminate it to free up some income.  The other would be to take out the reverse mortgage and only pay the tap in fees of $5-7k (does this include installation of the line to her house?)  This would be done through the Line Of Credit created with the reverse mortgage.....with no payment.

There are a lot of myths and misconceptions about reverse mortgages, but the biggest is the fact that you DON'T lose control of your house and it IS still yours and deeded in only your name.  The mortgage company files a lien on the house as in ANY mortgage.  It can be paid off at any time too.  There are many other pro's that go along with it, but you also have to look at the cons.  Work with a qualified lender, but the process is controlled by HUD guidlines.

Kevin E. Bock, President
Integrity Estate Advisors
1-877-419-1040

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3/14/2010 3:37:21 AM #

We could take a look to see if we could help her at First Commonwealth perhaps with a home equity loan or an unsecured loan depending on her situation.

Hayley A. Harrison
Office Manager
Forest Hills Office
First Commonwealth Bank
412-747-8114

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3/14/2010 3:38:00 AM #

Two possibilities come to mind.  One option would be for her to check with her bank about securing a traditional home equity loan or line of credit.  A second possible option would be for her to explore the availability / viability of what is called a reverse mortgage.

Ronald W. Barner, Certified Financial Planner®, Chartered Financial Consultant®
Financial Advisor, FIRST COMMONWEALTH ADVISORS®
Office:  (724) 850-7005
Toll Free:  (800) 459-3282 x7005

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