Ken Pitts
Meet
Reverse Mortgage Expert
Senior Loan Officer NMLS# 528202
Ken wrote the book on reverse mortgages… literally.
Ken’s foray into the reverse mortgage world is a direct result of his commitment to his client’s financial well-being. As Ken’s client base began reaching retirement age, he found himself fielding more and more questions about reverse mortgages. Baffled by the negative reputation of the loan, Ken set about learning about the product and researching its potential impact on retirement planning.
What emerged was a layman’s guide to understanding the reverse mortgage and how to evaluate it as a potential retirement tool. Ken’s dedication to his clients and their financial security has made him a respected and sought-after lender in his market.
What is a Reverse Mortgage?
What to Expect During the Reverse Mortgage Process
How to Qualify for a Reverse Mortgage
Talk to These 4 People Before You Decide on a Reverse Mortgage
Speak one-on-one with Ken Pitts for a free, no-obligation reverse mortgage consultation. Ken will walk you through all aspects of a reverse mortgage, answer your questions, and help you determine whether it’s in your best interest to explore further at your pace and with no pressure.
Book a Free, No-Obligation
Consultation with Ken
Our Reverse Mortgage Financing Services
At Philadelphia Mortgage Company, we specialize in helping homeowners turn their home equity into a powerful financial tool. Our reverse mortgage solutions are designed to provide flexibility, stability, and peace of mind throughout retirement. Whether you’re looking to supplement your income, cover medical expenses, or simply improve your lifestyle, our experienced advisors guide you through every step of the process.
Reverse mortgages are often misunderstood, surrounded by outdated myths and misconceptions. In reality, when used responsibly and by those who qualify, a reverse mortgage can be an excellent financial tool. It’s designed to provide flexibility helping homeowners access their home equity to support retirement goals, manage cash flow, or create greater financial security, all while remaining in your home.
What we offer
FHA-insured Home Equity Conversion Mortgages (HECM)
Lump sum, monthly payments, or line of credit options
Personalized retirement planning consultations
Transparent guidance with no pressure
Support for heirs and estate planning considerations
Common Reverse
Mortgage Myths
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Fact: You remain the owner of your home and retain the title.
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Fact: As long as you live in the home, pay property taxes, insurance, and maintain the property, you cannot be forced to leave.
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Fact: Reverse mortgages are non-recourse loans. Your heirs will never owe more than the home’s value.
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Fact: Many financially secure retirees use reverse mortgages strategically for cash flow, investments, or legacy planning.
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Fact: Funds can be received as a lump sum, monthly payments, line of credit, or a combination.
How You Can Access Your
Reverse Mortgage Funds
1. Lump Sum
You receive all available funds at once at closing.
Typically comes with a fixed interest rate.
Often used to pay off an existing mortgage or large expenses.
2. Line of Credit
Funds are available to draw as needed, similar to a credit card.
You only accrue interest on what you use.
The unused portion of the line of credit can grow over time, increasing borrowing power.
3. Tenure Payments
You receive equal monthly payments for as long as you live in the home as your primary residence.
Acts like a lifetime income stream.
4. Term Payments
You receive equal monthly payments for a fixed period you choose (e.g., 5 or 10 years).
Useful if you only need income for a specific timeframe.
5. Combination (Modified Plans)
A mix of options, such as:
Line of credit + monthly payments
Lump sum + line of credit
Allows customization based on cash flow and future needs.
6. Modified Tenure or Modified Term
Monthly payments (for life or a set term) plus a line of credit.
Common choice for retirees who want both steady income and emergency access.