Reverse Mortgage Specialists in Newtown Square, PA
Directory of reverse mortgage specialists in Newtown Square, Pennsylvania. Verify credentials with the state state mortgage licensing authority before hiring.
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 3 reverse mortgage specialists in Newtown Square, PA
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Reverse mortgage specialists in Newtown Square, Pennsylvania help homeowners aged 62 and older convert home equity into tax-free funds without selling their home. Pennsylvania law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Specialists in Delaware County guide clients through this process and explain how property taxes and insurance obligations continue under state regulations.
What Does a Reverse Mortgage Specialist in Newtown Square Cost?
Typical costs for a reverse mortgage specialist in Pennsylvania include an origination fee of up to $6,000, a mortgage insurance premium of 2% of the home value, and appraisal fees of $400 to $800. Closing costs usually range from $2,000 to $5,000. These fees are often rolled into the loan. 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 Newtown Square?
Borrowers must be at least 62 years old. This is a federal requirement for HECM loans. Pennsylvania does not have additional age restrictions.
Do I need to complete counseling before getting a reverse mortgage in Pennsylvania?
Yes. Pennsylvania law requires all borrowers to attend a HUD-approved counseling session before applying for a reverse mortgage. The counselor explains loan terms, costs, and alternatives.