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What is a Reverse Mortgage?

A reverse mortgage is a special loan for seniors with no payments to make until the home is sold or the last borrower moves out. Not having to make payments can greatly improve cash flow and provide the cash needed to save the house, improve lifestyle, or accomplish financial and estate planning objectives.

What does it cost?

As with any loan, the cost of a reverse mortgage will depend on the interest rate and fees associated with the loan you are considering. To assist a potential borrower in evaluating the total cost of a reverse mortgage, The Federal government has developed a Regulation Z  “Truth in Lending”  (TIL) “Total Annual Loan Cost” (TALC) disclosure. Potential borrowers should review the TALC associated with the reverse mortgage loan they are considering. For an example see “Cost.”

Why AFC Reverse Mortgage?

At AFC Reverse Mortgage, helping Pennsylvania senior homeowners to locate cash in their homes through an FHA insured Home Equity Conversion Mortgage (HECM) is our only business and we have processed and closed hundreds of FHA HECM loans since 2003. John Krajsa, Jr., principal, is an attorney with over 25 years of mortgage experience, 5 of them with reverse mortgages. Tiffany Shutta has over 12 years of FHA mortgage experience; FHA HECM since 2003. At AFC you will work with the same people in our local office from initial meeting right through closing.

Tax free income for life without risking your home. Extra income to repair your home, pay your bills and taxes, pay off your mortgage, buy insurance, take a vacation, go out to dinner, buy gifts for your grandchildren, buy a boat or vacation condo.