Retiring in Tacoma: Exploring Reverse Mortgages for Financial Peace Retiring in Tacoma — with its stunning Puget Sound views, growing arts scene, and access to quality healthcare — can be a rewarding experience. However, many retirees face financial realities when living on a fixed income. This can make it challenging to feel fully at ease. At Penny Lane Financial, we provide informed, well-rounded guidance for every stage of life. That’s why we’re sharing key highlights from

A reverse mortgage can be a valuable financial tool for retirees looking to enhance their income and maintain their lifestyle. But what is a reverse home mortgage, and how does it work? Let's delve into these questions and explore the benefits it offers. What is a Reverse Mortgage? A reverse mortgage is a special type of home loan designed for older homeowners. Unlike a traditional mortgage where you make monthly payments to the lender, a reverse home loan allows you to borro

What is a Reverse Mortgage?* A reverse mortgage is a national program available to homeowners age 62 and older providing you access to your home’s equity without having to make monthly mortgage payments. This program is available for your primary residence. You must continue paying your property taxes and homeowners insurance. How much can I qualify for?* The amount of funds available through a reverse mortgage loan is based on the youngest spouses age and the appraised val

It is very important to know your terms before applying for a mortgage . Bookmark this tab on your computer so that you can reference these terms at any time before or during the mortgage process. Appraisal : A rough estimate of how much the home is worth. Appraisals are required by lenders before a home loan can be signed. The appraisal tells the lender how much can be loaned to the borrower. Appraisals come from an independent third party, not the lender. Principal: The s