Compare Reverse Mortgage Specialists in Jenkintown, PA
Directory of reverse mortgage specialists in Jenkintown, Pennsylvania. Verify credentials with the state state mortgage licensing authority before hiring.
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 3 reverse mortgage specialists in Jenkintown, PA
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A reverse mortgage specialist in Jenkintown, Pennsylvania helps homeowners aged 62 and older access home equity without monthly payments. Pennsylvania law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Specialists guide clients through this process and explain how local property taxes and insurance requirements apply.
What Does a Reverse Mortgage Specialist in Jenkintown Cost?
Typical costs for a reverse mortgage specialist 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 for appraisal and title search. Total closing costs often range from 2,000 to 6,000 dollars depending on the property value and lender. These costs can be 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 qualifications does a reverse mortgage specialist need in Pennsylvania?
Specialists must be licensed mortgage loan originators in Pennsylvania and complete annual continuing education. They also need to understand HECM rules and Pennsylvania specific laws like the requirement for mandatory counseling.
How does Pennsylvania law affect reverse mortgage proceeds?
Pennsylvania does not tax reverse mortgage proceeds as income. However, borrowers must still pay property taxes and homeowners insurance. The loan becomes due when the last borrower moves out or passes away.