Compare Reverse Mortgage Specialists in Exton, PA
Looking for a reverse mortgage specialist in Exton? Review the directory below to compare your options.
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 8 reverse mortgage specialists in Exton, PA
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A reverse mortgage specialist in Exton Pennsylvania helps older homeowners convert home equity into cash without selling their property. Pennsylvania law requires borrowers to receive counseling from a HUD approved agency before obtaining a reverse mortgage. Exton residents often use these loans to supplement retirement income or pay for home repairs while continuing to live in Chester County.
What Does a Reverse Mortgage Specialist in Exton Cost?
Typical costs for a reverse mortgage specialist in Pennsylvania include an origination fee of 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 and title search. These fees can range from 2000 to 6000 dollars depending on the loan amount and property value. This is general information and 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 qualifications does a reverse mortgage specialist in Exton need?
A reverse mortgage specialist in Exton should be licensed by the Pennsylvania Department of Banking and Securities. They must also complete training on HUD guidelines and the Home Equity Conversion Mortgage program. Look for specialists who have experience with Pennsylvania property tax and insurance rules.
Are reverse mortgages regulated differently in Pennsylvania than other states?
Yes Pennsylvania has specific laws for reverse mortgages. The state requires a three day right of rescission after closing. Pennsylvania also mandates that lenders provide a detailed disclosure of all fees and interest rates before the borrower signs any documents.
Can a reverse mortgage specialist help if I have an existing mortgage on my Exton home?
Yes a specialist can help you use a reverse mortgage to pay off your existing mortgage. The reverse mortgage proceeds must first be used to satisfy any current liens on the property. This process is common for Exton homeowners who want to eliminate monthly mortgage payments.