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Showing 2 reverse mortgage specialists in East Stroudsburg, PA
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Paul Maccarrone Mortgage Broker- NMLS 1835677
196 Washington St, East Stroudsburg, PA 18301
(570) 242-0735
paulmaccarrone.com
What Does a Reverse Mortgage Specialist in East Stroudsburg Cost?
Typical costs for a reverse mortgage specialist in Pennsylvania include an origination fee of up to 2 percent of the home value with a cap of 6000 dollars. Third party costs such as appraisal title search and recording fees range from 1500 to 4000 dollars. Mortgage insurance premiums are 2 percent of the appraised value upfront plus 0.5 percent annually. These costs vary by lender and property value. 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 age requirements for a reverse mortgage in East Stroudsburg Pennsylvania?
You must be at least 62 years old to qualify for a Home Equity Conversion Mortgage in Pennsylvania. All borrowers listed on the title must meet this age requirement. The specialist will verify your age and review your financial situation.
Do I need to own my home free and clear to get a reverse mortgage in Pennsylvania?
No you do not need to own your home free and clear. A reverse mortgage can pay off an existing mortgage balance. The remaining equity becomes available to you. Pennsylvania law does not require full ownership before applying.