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A Pennsylvania reverse mortgage allows eligible seniors to tap into a portion of equity stored in their home, convert it into loan proceeds, and use the funds for cash flow in retirement. Depending on your circumstances, a reverse mortgage (also known as a home equity conversion mortgage, or HECM) may be able to help you achieve financial freedom with several distinct benefits such as:
The HECM program is federally insured by the Federal Housing Administration (FHA) and overseen by the Dept. of Housing and Urban Development (HUD). As such, the reverse mortgage qualifications in Pennsylvania are consistent with reverse mortgage eligibility nationwide. Borrowers must:
The federal requirements for a reverse mortgage apply in Pennsylvania and could affect whether you qualify for a loan. For example, only certain properties can be insured through the FHA. However, a GoodLife Reverse Mortgage Specialist can walk you through all of these details to see if you’re a good fit for the program.
Use our reverse mortgage calculator to receive a free loan estimate.
At GoodLife, we believe in simplifying the reverse mortgage application process
in order to quickly help supply seniors with the cashflow they need to live the retirement they deserve. This is our four-step process:
First, a GoodLife Reverse Mortgage Specialist will talk to you about your goals and explain how a reverse mortgage works in Pennsylvania.
Then, HUD requires all potential HECM borrowers to attend an approved counseling session where you will learn more about PA reverse mortgages and how one may apply to your circumstances.
Once you submit an application, an FHA-approved appraiser will determine the value of the property and ensure it meets the minimum standards for eligibility.
After your reverse mortgage application is approved, GoodLife can distribute loan proceeds and the funds are yours to spend, provided that all appropriate payouts have been made.
Below are some of the most common questions we receive about Pennsylvania reverse mortgages, but you may refer to our reverse mortgage FAQs for additional answers.
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. Use our reverse mortgage calculator to estimate how much you may qualify for.
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 closed and the closing fees are paid, the funds are yours to spend however you like.
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.