Pennsylvania Reverse Mortgages
Learn how you may be able to leverage a reverse mortgage as a home equity tool to live more comfortably throughout retirement in the Keystone State.
Use the interactive map or the state selector to find more reverse mortgage information about your state.
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Pennsylvania Reverse Mortgage Process
At GoodLife, we simplify the reverse mortgage application process to quickly service customers with an easy, enjoyable experience in just four steps:
First, you’ll speak with one of our helpful Mortgage Specialists who will learn more about you and your goals to determine whether a reverse mortgage is the right fit for your needs. They’ll also take the time to carefully explain all the details of the HECM program so you’ll be fully informed every step of the way.
HUD requires all PA reverse mortgage applicants to attend an approved counseling session so you can receive additional information from an unbiased third-party. Schedule the appointment at your convenience and talk to the counselor either by phone or in person.
After submitting your application, we’ll coordinate an appraiser to visit your home, determine the value, and ensure the property meets FHA eligibility criteria. GoodLife® will provide you with an appraisal checklist well in advance so you can prepare for the inspection.
We move fast and will quickly fund the loan after the application is approved. You decide how to receive your loan proceeds: either as a lump-sum, monthly installment, or line of credit. Once the appropriate payoffs have been made, the money is yours to spend however you like.
To see how much you may be able to increase your cash flow through loan proceeds, refer to our reverse mortgage calculator. At GoodLife, we’re able to help you keep more of your available loan proceeds and pay less in closing costs because we originate our loans in house. By cutting out the middlemen, we can pass the savings directly onto you and offer the best reverse mortgage rates, guaranteed.
Reverse Mortgages in Pennsylvania: FAQs
For more information, refer to our reverse mortgage FAQs:
How do I receive my loan proceeds?
At GoodLife, we give you the freedom to choose your preferred payment method. Borrowers may elect to have their proceeds disbursed as a monthly installment, line of credit, or lump sum.
Are there restrictions on how I can use the money?
In some cases, you may be required to set money aside for property taxes or home repairs according to the FHA requirements. Otherwise, once the loan is funded and the closing costs are paid, the funds are yours to spend however you like.
How much can I get through a reverse mortgage?
The borrowing amount, known as the principal limit, depends on the value of the property, the age of the youngest borrower, and current interest rates.
Direct any additional questions to our experienced Mortgage Specialists for assistance. We’re a trusted Pennsylvania reverse mortgage company committed to empowering our customers to live better in retirement, and we look forward to serving you, too.