Find Reverse Mortgage Specialists Near You in Hershey, PA
Compare reverse mortgage specialists in Hershey. 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 7 reverse mortgage specialists in Hershey, PA
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A reverse mortgage specialist in Hershey Pennsylvania can help homeowners aged 62 and older convert home equity into cash. Pennsylvania law requires borrowers to complete a counseling session with a HUD approved counselor before obtaining a Home Equity Conversion Mortgage. Local specialists guide clients through the process including eligibility and repayment terms specific to the state.
What Does a Reverse Mortgage Specialist in Hershey Cost?
Typical costs for a reverse mortgage specialist in Pennsylvania include an origination fee of up to 2 percent of the home value capped at 6 thousand dollars. Third party costs such as appraisal title search and recording fees range from 1 thousand to 3 thousand dollars. The upfront mortgage insurance premium is 2 percent of the appraised value. These costs vary by lender 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 Hershey Pennsylvania?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence and you must complete HUD approved counseling. Pennsylvania does not have additional state specific eligibility rules beyond federal requirements.
Are reverse mortgage proceeds taxable in Pennsylvania?
No, reverse mortgage proceeds are not considered income for federal or Pennsylvania state tax purposes. However, interest on the loan is not deductible until the loan is paid off. Consult a tax professional for your specific situation.
What happens to a reverse mortgage when the borrower dies in Pennsylvania?
When the last borrower dies the loan becomes due. Heirs have 30 days to decide to pay off the loan or sell the home. Pennsylvania law allows a six month extension if the heirs are working on a sale or refinance.