Find Reverse Mortgage Specialists Near You in West Mifflin, PA
Looking for a reverse mortgage specialist in West Mifflin? Review the directory below to compare your options.
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State Mortgage Licensing Authority of Pennsylvania before hiring.
Showing 2 reverse mortgage specialists in West Mifflin, PA
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What Does a Reverse Mortgage Specialist in West Mifflin Cost?
Typical costs for a reverse mortgage in Pennsylvania include an origination fee of up to 2% of the first $200,000 of home value plus 1% of the amount above that, a mortgage insurance premium of 2% of the appraised value upfront plus 0.5% annually, and third-party fees for appraisal, title search, and recording (often $1,500 to $3,000 total). Counseling costs around $125 to $150. These costs are usually financed 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 and property requirements for a reverse mortgage in West Mifflin?
Borrowers must be at least 62 years old and own a home that is their primary residence. Eligible properties include single-family homes, FHA-approved condos, and manufactured homes that meet HUD standards. The home must be in good condition, as a property appraisal is required.
Do I need to attend counseling before getting a reverse mortgage in Pennsylvania?
Yes, Pennsylvania law requires all borrowers to complete a counseling session with a HUD-approved counselor before applying for a reverse mortgage. This session explains the loan terms, costs, and alternatives. The counselor must be independent from the lender.
How does a reverse mortgage affect my heirs in West Mifflin?
Heirs can keep the home by paying off the loan balance, which is the lesser of the appraised value or the loan amount. If they sell the home, any remaining equity after repaying the loan goes to the estate. Heirs are not personally liable for a deficiency if the home value is less than the loan balance.