Pennsylvania Banking Department to Offer Free Reverse Mortgage Webinar, Nov. 30

HARRISBURG, Pa., Nov. 23, 2010 /PRNewswire-USNewswire/ -- The Department of Banking's Office of Consumer Services will offer a free webinar on reverse mortgages for professionals who work with older adults from 9:30 a.m. – 11 a.m. on Nov. 30. Pre-registration is required.

A reverse mortgage allows older homeowners to withdraw equity from their homes. Typically, borrowers must be at least 62 years old and already own their home.

A reverse mortgage provides the homeowner with monthly payments, a lump sum, a line of credit or a combination of payment methods. The money does not have to be paid back until the borrower dies, sells the home or permanently moves out.

Reverse mortgages cost much more than traditional home loans, their terms can be complex and the inheritance of borrowers' heirs can be affected. The Department of Banking advises older consumers considering a reverse mortgage to seek professional counseling through the PA Housing Finance Agency.

The Nov. 30 webinar will review the Department of Banking's statement of policy on reverse mortgages. The presentation will also include important information about the suitability of reverse mortgages for individuals in different circumstances and how the department interprets the proper conduct of its licensees engaged in offering reverse mortgages. The webinar is intended for older adults and their care managers, service coordinators, social workers, and other professionals.

The department is partnering with the Long Term Living Training Institute of Pennsylvania to present this webinar. For more information and to register, visit www.ltltrainingpa.org/events/index.cfm?ekeyid=705.

The Department of Banking statement of policy can be found at: www.pabulletin.com/secure/data/vol40/40-28/1253.html.

The Department of Banking urges consumers to "do their homework" before entering into business with any financial company, especially companies offering loan modifications. Consumers can learn about companies licensed or chartered by the Department of Banking at www.banking.state.pa.us and 1-800-PA BANKS.

Media contact: Ed Novak, 717-783-4721

SOURCE Pennsylvania Department of Banking