Feasterville, PA -- (SBWIRE) -- 06/20/2014 -- The Reverse Mortgage Team at Atlantic Pacific Mortgage Corporation is pleased to announce new mortgage tips for homeowners in trouble with their mortgage. The team that offers reverse mortgage counseling in Bucks County, Chester County, and surrounding areas of PA encourages homeowners to start figuring out an emergency budget. This includes eliminating the cable and cell phone bills, and spending unnecessary money on eating out and buying new clothes. The priorities must be keeping up with groceries, utilities and health insurance.
The team also encourages homeowners to not hide from lenders. Financial institutions should be immediately contact as soon as individuals feel they are in financial trouble. There are also retention options available for individuals to remain in their house through this difficult time in their lives. One option is to consider a repayment plan, which allows homeowners to make regular monthly payments, along with additional amount to be applied toward the debts.
Another option the team suggests is loan modification. This written agreement changes the original terms and conditions of the loan, including payment amount, interest rate and maturity date. Changes in the loan terms can reduce the monthly amount to be paid.
Loan refinancing can also lower the mortgage rate by adjusting the rate to a fixed rate or by lowering interest rate. The Reverse Mortgage Team at Atlantic Pacific Mortgage Corporation is available to discuss reverse mortgage rates for Chester County, PA residents, along with residents living in Bucks County. For more information, please call 888-462-0080.
About The Reverse Mortgage Team at Atlantic Pacific Mortgage Corporation
The Reverse Mortgage Team is a specialized division of Atlantic Pacific Mortgage Corporation, located in Feasterville, PA. National Manager, Steve Broaddus and Director, Ben D. Stucker have more than 35 years of combined experience in the industry. Together, they speak with their clients to help them understand loan options and complete reverse mortgage transactions.
Licensing Information: Atlantic Pacific Mortgage Corporation’s NMLS ID is 1024 with address of 302 Fellowship Road, Suite 110, Mt. Laurel, NJ 08054. They are Licensed by the NJ Dept of Banking and Insurance, License#9919640; Licensed by the PA Dept. of Banking, License #21422; Atlantic Pacific Mortgage Corporation operates as: Atlantic Pacific Mortgage Services Inc. in Florida, Florida Office of Financial Regulation License #MLD814;Delaware Office of the State Bank Commissioner License #4993; Maryland Division of Financial Regulation License #6986; Massachusetts Division of Banks Mortgage Lender License #ML1024; North Carolina Office of the Commissioner of Banks License #L-143915; Virginia State Corporation Commission, Bureau of Financial Institutions License #MC-2403. Atlantic Pacific Mortgage Corporation’s Feasterville Branch NMLS ID is 1162319.The branch address is 1635 Bustleton Pike, Suite B, Feasterville, PA 19053.
For more information, please visit http://www.thereversemortgageteam.com/.