Compare Reverse Mortgage Specialists in Wayne, PA
Browse reverse mortgage specialists serving Wayne, Pennsylvania. Contact information and addresses listed below.
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 Wayne, PA
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A reverse mortgage specialist in Wayne, Pennsylvania helps seniors aged 62 and older convert home equity into tax-free funds. Pennsylvania law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage. Specialists guide clients through the process, including understanding loan repayment terms and property charge requirements.
What Does a Reverse Mortgage Specialist in Wayne Cost?
Typical costs for a reverse mortgage 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 such as appraisal, title search, and recording. These fees often total between 3000 and 8000 dollars. Costs vary by loan amount and lender. 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 Wayne Pennsylvania?
Borrowers must be at least 62 years old. If married and one spouse is under 62, the younger spouse may still be protected under certain HUD rules. The home must be the primary residence.
Do I need counseling before getting a reverse mortgage in Pennsylvania?
Yes. Pennsylvania law requires all borrowers to complete a counseling session with a HUD-approved counselor. This session explains loan terms, costs, and alternatives. The counselor must be independent of the lender.
What property types qualify for a reverse mortgage in Wayne?
Single-family homes, HUD-approved condominiums, and manufactured homes that meet FHA standards qualify. Two-to-four unit properties may qualify if the borrower occupies one unit. Cooperatives and mobile homes usually do not qualify.