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Reverse Mortgages

For the Families of Seniors

For the Families of Seniors

Just as most of us have felt the impact of the rise in healthcare, prescriptions, gas and even food, many seniors are struggling financially to afford these items on a limited budget. Most think they have no other alternative but to cut one or more of these necessities. There is another way for seniors to live financially secure without another loan or needing to depend on others.

If your parent(s), or another family member, is 62 years of age or older and a homeowner with equity in their home, a Reverse Mortgage could provide them the financial security to live life comfortably in their current home, or to purchase a new home, and handle expenses with ease.

They'll be able to live financially independent with these advantages:

  • Ability to maintain home ownership and live in the home as long as you wish
  • Pay off your current mortgage and have no monthly mortgage payments
  • Receive the money tax-free and use it to supplement your monthly income, pay medical expenses or eliminate debt*
  • No income or credit qualification

Many seniors also worry about leaving their home to their children. With today's Reverse Mortgage, the home goes to the heirs, not to the bank when they die.

For the Advisors of Seniors

If you are a trusted advisor of a senior who is 62 years of age or older and a homeowner with equity in their home, there are advantages to today's Reverse Mortgages that could benefit your client.
  • A HECM Reverse Mortgage is government protected
  • The home goes to the heirs, not the bank, when they die
  • No one will ever owe more than what the house is worth at the time it's sold
  • They'll be able to maintain home ownership and live in the home as long as they wish
  • They can pay off their current mortgage and have no monthly mortgage payments
  • They can chose how they receive their money
  • The money is tax-free and can be used to supplement their monthly income, pay medical expenses or eliminate debt*
  • There is no income or credit qualification

For over 150 years, Dollar Bank has been helping customers choose the right product for their needs while never losing sight of what is in the best interests of its customers. Advising a customer on a Reverse Mortgage is no different.

Dollar Bank has also been named an approved Reverse Mortgage Lender by the U.S. Department of Housing and Urban Development.

For more information on a Dollar Bank Reverse Mortgage, call 1-800-344-5626 in Pennsylvania or 1-800-820-6051 in Ohio.

* Consult your tax advisor regarding the tax implication of Reverse Mortgage options.
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