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Showing 2 reverse mortgage specialists in Skippack, 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.
Mara Fisher - Rate
3900 Skippack Pike Suite C4, Skippack, PA 19474
2157401932
Rate
3900 Skippack Pike Suite C4, Skippack, PA 19474
4848876006
What Does a Reverse Mortgage Specialist in Skippack Cost?
Typical costs for a reverse mortgage in Pennsylvania include an origination fee up to 2 percent of the home value (capped at $6,000), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from $5,000 to $15,000. 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 are the eligibility requirements for a reverse mortgage in Skippack Pennsylvania?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be a primary residence, such as a single-family home, HUD-approved condominium, or manufactured home. Pennsylvania law does not impose additional age or income limits beyond federal HUD rules.
How does Pennsylvania law affect reverse mortgage proceeds?
Pennsylvania does not tax reverse mortgage loan proceeds as income. Borrowers must continue to pay property taxes, homeowners insurance, and maintain the home. If these obligations are not met, the loan may become due and payable, potentially leading to foreclosure.