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Showing 2 reverse mortgage specialists in Edinboro, PA
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What Does a Reverse Mortgage Specialist in Edinboro Cost?
Typical costs for a reverse mortgage specialist in Pennsylvania include an origination fee of up to 2 percent of the home value and a mortgage insurance premium of 2 percent of the appraised value. Closing costs such as appraisal title and recording fees range from 2,000 to 5,000 dollars. Annual servicing fees are around 30 to 50 dollars per month. Costs vary by lender and loan type. 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 does a reverse mortgage specialist in Edinboro do?
A reverse mortgage specialist in Edinboro explains loan terms eligibility and repayment rules for HECM loans. They guide clients through the mandatory counseling session required by Pennsylvania law. The specialist also helps calculate how much equity you can access based on your age and home value.
Are there age requirements for a reverse mortgage in Pennsylvania?
Yes you must be at least 62 years old to qualify for a reverse mortgage in Pennsylvania. The loan is available for primary residences only. Younger spouses may be protected under certain rules if they are listed on the loan.
What happens to the loan when the borrower moves or passes away in Pennsylvania?
The loan becomes due when the last borrower permanently moves out sells the home or passes away. Heirs in Pennsylvania have 30 days to decide whether to pay off the loan or sell the home. If the home is sold the lender takes repayment from the sale proceeds.