Compare Reverse Mortgage Specialists in Allentown, PA
Compare reverse mortgage specialists in Allentown. Review contact information and insurance categorys before you decide.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Pennsylvania before hiring.
Showing 20 reverse mortgage specialists in Allentown, PA
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Reverse mortgage specialists in Allentown Pennsylvania help older homeowners access home equity without monthly payments. Pennsylvania law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage. These specialists guide clients through eligibility loan options and the mandatory counseling process specific to the state.
What Does a Reverse Mortgage Specialist in Allentown Cost?
Typical costs for a reverse mortgage in Pennsylvania include an origination fee up to 2 percent of the home value a mortgage insurance premium of 2 percent of the appraised value and third-party fees for appraisal title and recording. These costs total 5 to 8 percent of the home value or roughly 5000 to 15000 on a 200000 home. Costs vary by case and loan type. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Allentown Pennsylvania?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence and meet HUD property standards. Pennsylvania does not have additional state-level age or income requirements beyond federal rules.
Is counseling required for a reverse mortgage in Pennsylvania?
Yes Pennsylvania law requires all borrowers to complete a counseling session with a HUD-approved counselor before applying. This session explains the loan terms costs and alternatives. The counselor must be independent of the lender.
How does a reverse mortgage affect my heirs in Allentown?
Heirs can repay the loan by selling the home or using other funds. If the loan balance exceeds the home value they pay only 95 percent of the appraised value. Pennsylvania follows federal non-recourse rules so heirs are not personally liable for any shortfall.