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PIA-Primary Insurance Amount – Reverse Mortgage Glossary
According to the Social Security Administration: The PIA is the sum of three separate percentages of portions of average indexed monthly earnings (AIME). The portions depend on the year in which a worker attains age 62, becomes disabled before age 62, or dies before attaining age 62.The PIA is the sum of three separate percentages [...]
A Change: State Employees Credit Union’s Reverse Mortgage
There has been a close of 50 Reverse Mortgage Loans (over $5 million) in the Credit Union since August 2008. This is all due to the impact of the SECU’s reverse mortgage, which has turned out to be the needed solution for some of the SECU members. As to qualify for a mortgage loan, a [...]
Fixed Interest Rates a Must: Reverse Mortgages
Stimulus Package Drives Demand For Reverse Mortgages “I am happy on seeing the inclusion of reverse mortgages in the stimulus package.” says Susan Cosgrove. He further comments on saying the reverse mortgage have a major setback, which is the fact that there is no fixed interest rate. The rates being on a historic low, this [...]