have proven invaluable to hundreds of thousands of American retirees, fulfilling their needs and enhancing their lives.
Incorporating a reverse mortgage into your retirement strategy can serve as a valuable asset, providing immediate benefits and ensuring long-term financial security for
Reverse Mortgages
today, tomorrow and for years to come.
Access the Capital You Require
with a Reverse Mortgage
We are your trusted Reverse Mortgage Lender in Tacoma, WA and we specialize in helping eligible customers aged 62 and older unlock a portion of their home equity, enabling them to access funds without the burden of making monthly mortgage payments.
When planning for retirement, homeowners often explore the potential of using their home equity to fund their retirement dreams and gain greater financial flexibility. Reverse mortgage companies offer a solution that allows retirees to access this equity while maintaining homeownership.
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In this video, we will provide a reverse mortgage explanation, covering the pros and cons, and explain the differences between reverse mortgages and traditional mortgages. You'll learn why retirees and those aspiring to retire are choosing this option to enhance their quality of life.
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Meet Our Founder and
Reverse Mortgage Expert in Washington
Jeff Pickering
| President
As President and owner of Penny Lane Reverse, Jeff's approach ensures he recommends what's best for each client. With his extensive knowledge and friendly demeanor, he forges lasting relationships while helping clients with their finances.
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At Penny Lane Reverse, our exceptional customer service, especially for those seeking a Reverse Mortgage in Tacoma, WA, sets us apart. We treat clients with respect and kindness. This program may not be suitable for everyone, but for those it fits, it can offer tremendous benefits, as we've seen loan after loan. Serving this community is both satisfying and a true pleasure.
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NMLS #294975
We understand that navigating reverse mortgages and finding the right reverse mortgage company can be overwhelming. That's why we created this guide to simplify the process with a clear reverse mortgage explanation, providing essential reverse mortgage information, including the pros and cons of a reverse mortage.
Common Myths about Reverse Mortgages
Our goal is to demystify the myths that often surround reverse mortgages. These financial tools are specifically designed to empower seniors to access their home equity without surrendering ownership.
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We are committed to providing education on reverse mortgages and offering a clear reverse mortgage explanation, including the reverse mortgage pros and cons, to help you navigate these misconceptions in Tacoma, WA.
The bank will own my home.
This is one of the most prevalent misconceptions. With a reverse mortgage, you continue to maintain ownership and title of the home you love. The loan is repaid when you sell the property, move out, or pass away. As the homeowner, you have the right to live in the property as your primary residence and retain ownership throughout the duration of the loan.
I will own more than my home's value.
Reverse mortgages are designed to protect borrowers, and federal regulations ensure that you can never owe more than the appraised value of your home at the time of repayment. Even if the loan balance exceeds the home's value, you are not personally liable for the difference. The lender absorbs any potential shortfall through mortgage insurance.
I won't qualify because of income or credit requirements.
Unlike traditional mortgages, reverse mortgages have more lenient eligibility criteria. The primary factors considered are your age (62 or older), the value of your home, and your ability to meet basic financial obligations, such as property taxes, insurance, and maintenance. Credit scores and income do not play a significant role in qualifying for a reverse mortgage.
I will lose government benefits like Social Security or Medicare.
Reverse mortgage proceeds are not considered taxable income and do not impact most government benefits, including Social Security and Medicare. However, certain need-based benefits like Medicaid may be affected. It's essential to consult with a financial advisor or benefits specialist to understand the potential implications.
Reverse mortgages are only for desperate or financially struggling individuals.
Reverse mortgages are not exclusively for individuals in financial distress. They can be a strategic financial planning tool for retirees seeking to supplement their income, cover healthcare expenses, pay off debts, or fund home improvements. Reverse mortgages provide financial flexibility and can improve overall financial well-being.
Our commitment is to provide you with the knowledge you need to make informed decisions about your financial future.
What people said...
Reverse Mortgage Information
Reverse to Purchase
A reverse mortgage for home purchase enables individuals aged 55 and older to acquire a new primary residence without the burden of monthly mortgage payments, utilizing the loan proceeds from the reverse mortgage.
How do I qualify?
Deciding whether a reverse mortgage aligns with your needs is a personal choice, and ultimately, the decision rests with you. However, we are here to offer the information and knowledge necessary to empower you to make the necessary decision for your future.
HECM
A Home Equity Conversion Mortgage (HECM) is an FHA-insured loan designed for individuals aged 62 and above. It provides the opportunity to transform the equity in their home into cash, all without the need for monthly mortgage payments.
Harry T.
With his expert guidance, Jeff provided the financial flexibility I needed to enjoy my retirement, finally! Thanks to his friendly and knowledgeable advice, I can now travel, invest in my hobbies, and live comfortably.
Sandy O.
I can't thank you enough for introducing me to the world of reverse mortgages. Jeff's personally made sure I understood the process, which made all the difference. With his assistance, I was able to secure a stable source of income with a reverse mortgage. I highly recommend Penny Lane.
Rob P.
The people at Penny Lane showed me how a reverse mortgage could work for my specific situation, and it's been a financial lifeline. I now have additional income and can continue to live in my home. I'm in my 80s and couldn't be happier.
Contact Us
Or send us a message below
253-327-1177
1804 W Union Avenue, Suite 202,
Tacoma, WA 98405