Pennsylvania (PA) Reverse Mortgage Program
How PA Reverse Mortgages Work
A Pennsylvania Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Pennsylvania property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Pennsylvania Reverse Mortgage Requirements
- Age requirement: Pennsylvania borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Pennsylvania employment: No requirements
- Credit score: No requirements
- Health: No requirements
PA Reverse Mortgage FAQs
Will a Pennsylvania Reverse Mortgage cause me to pass debt on to my heirs? A Reverse Mortgage in Pennsylvania is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Pennsylvania home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Pennsylvania (PA) Reverse Loans high-risk? A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Pennsylvania, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Can I lose my home with a Pennsylvania Reverse Mortgage? The Bank can only foreclose on your Pennsylvania home if you do not 1) pay your homeowners insurance, PA real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Pennsylvania home as your primary residence. You never have to make a mortgage payment.
What if I already have a Pennsylvania mortgage? First, your current mortgage and any other liens against the property in Pennsylvania will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Pennsylvania Reverse Mortgage Lenders
Apply now or contact the Pennsylvania Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Philadelphia, Pittsburg, Allentown, Erie and throughout Pennsylvania. Home Point Financial has branches in Allentown, Camp Hill, King of Prussia, and Wyomissing, PA.
