Homeowner Courtesy Lien
What Is A Homeowner Courtesy Lien?
A Homeowner Courtesy Lien is a lien placed against your primary residence in conjunction with an existing consumer loan. The Homeowner Courtesy Lien is available for properties in the state of Pennsylvania only. At your request, PSECU will place a lien against your primary residence thus converting your consumer loan to a Homeowner Courtesy Lien. The cost of converting a consumer loan to a Homeowner Courtesy Lien is a nonrefundable fee of $100 (This fee does not include the mortgage satisfaction fee charged by the county courthouse to remove the lien).
Types Of Loans
There may be tax advantages to converting a consumer loan to a Homeowner Courtesy Lien. At the end of the year you will receive a 1098 form indicating the interest paid on the loan during the time it was a Homeowner Courtesy Lien. To see if a Homeowner Courtesy Lien is right for you please use our Homeowner Courtesy Lien Calculator. PSECU can not give tax advice. Please consult your tax advisor for advice.
Information and interactive calculators are for informational purposes only and are not to be considered as tax advice. Please contact a qualified tax expert for advice. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. The benefit of itemized deductions may be phased out based on certain income levels. Additional principal payments made to the loan may affect the results.