Pennsylvania Reverse Mortgages for Seniors

Pennsylvania reverse mortgages for seniors have been used as financial aid by many retirees living in Pennsylvania that are in need of steady supplemental monthly income or a lump sum of cash to help with expenses.

Of the various choices of reverse mortgages available today, the HECM (Home Equity Conversion Mortgage) insured by the Federal Housing Administration and backed by HUD, is far and away the most widely used. For the fiscal year ending 2007, there were 3,768 HECM reverse mortgages closed in Pennsylvania, which represents 3% of all HECM loans closed in the United States that year.

HECM reverse mortgages for seniors are the most popular because they offer the most choices and flexibility for receiving the loan proceeds. In most cases they also offer the highest loan amount, except when the home has a very high market value. Loan limits are established by FHA and vary county by county. Loan amounts for HECM Pennsylvania reverse mortgages for seniors range from $200,160. to $362,790. Loan limits may be revised periodically by FHA with the approval of congress.

Reverse Mortgage Eligibility

Eligibility requirements for Pennsylvania reverse mortgages for seniors are that you must be a homeowner 62 years or older. You must have approximately 40 to 60% equity in your home. Your home must be your primary residence. It can be a single family home, a condo, a town house, an owner occupied 2 to 4 family home, or a manufactured home built after June of 1976 on your own land, not leased or rented.

There are no income, credit or medical qualifications considered for these loans. Medicare and Social Security benefits are not adversely affected by Pennsylvania reverse mortgages for seniors. If you receive disability or other entitlement benefits you should check with a financial advisor about the best way to receive the money from a senior reverse mortgage loan if you decide to get one.

Use our reverse mortgage calculator to get a rough estimate of how much money you might be eligible for.

After checking your eligibility, you will want to request a full benefit summary that will be tailored to your specific situation and property location. The full summary will be a detailed analysis of Pennsylvania reverse mortgages for seniors that will compare your choices and provide a detailed print out of payment options and interest rates. You are under no obligation to receive this free information.

• Link To Pennsylvania AARP