Reverse Mortgage Specialists in Bensalem, PA
Browse reverse mortgage specialists serving Bensalem, 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 9 reverse mortgage specialists in Bensalem, 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.
What Does a Reverse Mortgage Specialist in Bensalem Cost?
Typical costs for a reverse mortgage in Pennsylvania include an origination fee of up to 6 percent of the home value with a cap of 6000 dollars. Closing costs such as appraisal title search and recording fees range from 2000 to 5000 dollars. An upfront mortgage insurance premium of 2 percent of the appraised value is required. Annual mortgage insurance premiums are 0.5 percent of the loan balance. These costs are usually financed into the loan rather than paid out of pocket. 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 Bensalem PA?
Borrowers must be at least 62 years old. If there are co borrowers both must meet the age requirement. Pennsylvania does not have additional state age restrictions beyond the federal HUD rule.
Do I need to own my home free and clear to get a reverse mortgage in Bensalem?
No you do not need to own the home free and clear. You can use a reverse mortgage to pay off an existing mortgage. The amount you can borrow depends on your home value current interest rates and your age.
What happens to the reverse mortgage when I pass away in Pennsylvania?
When the last borrower dies the loan becomes due. Heirs have 30 days to decide whether to pay off the loan or sell the home. Pennsylvania law gives heirs additional time if they are working with the lender to resolve the debt.