Dollar Bank announced last week that added reverse mortgages to it asset product offerings. "Dollar Bank believes many senior citizens are struggling day-to-day to live comfortably or make ends meet," said Mike Henry, Dollar Bank Vice President of Mortgage Lending.
"As a result of this, more and more older Americans are turning to reverse mortgages as a solution to their financial needs. With the help of a reverse mortgage, these seniors find they can cope with the myriad of financial pressures that include rising out of pocket costs for medical care and prescription drugs as well as increasing property taxes on their homes."
The company has seen the need for reverse mortgages increase in its local community and it plans to host four free reverse mortgage seminars in their branches throughout the Pittsburgh area from April to May.
"A reverse mortgage may not always be the right financing option for someone," states Henry. "One of the benefits of our free seminars is for people to find out exactly how a reverse mortgage works and to ask questions in a comfortable setting. Our goal is to help people make the right financial decisions based on their needs."
The bank plans on placing the assets into its portfolio and will retain ownership of the servicing to ensure customers will be able to reach local representatives if they have any questions.
With assets of $5.8 billion, Dollar Bank is the largest independent mutual bank in the United States, employing more than 1,140 people with over 50 offices throughout southwestern Pennsylvania and northeastern Ohio.