Pennsylvania Senior Housing Resources

Recent census data show that the state of Pennsylvania is home to around 2 million senior citizens. In fact, citizens 65 and older make up nearly 16% of the state’s population. As with other states, seniors in PA can take advantage of reverse mortgage deals to take care of uncertain social security payments, declining pensions and rising medical costs.

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These loans have gained in popularity since the US Department of Housing and Urban Development, better known as HUD, created the Home Equity Conversion Mortgage (HECM) program in the 1980s. Although it’s not the right answer for everyone, the HECM program offers seniors the option to tap into the equity in their homes and withdraw it either in lump sum, monthly payments or as a line of credit (or some combination of the three). The proceeds can be used for home improvement, to supplement social security income, meet unexpected medical expenses, and even pay for travel. In short, the homeowner can spend the money however he or she sees fit.

HECM Rules in PA

The idea for reverse mortgage stems from the simple fact that a home accumulates equity over years as the homeowner pays off his or her home loan. For many Americans, this equity represents a majority of total wealth. Rather than being forced to sell their homes, seniors can gain access to this equity, for a fee, and continue to age in place.

Is a PA Reverse Mortgage Right for You?

The qualifications for a HECM loan are straight forward:

  • The youngest borrower must be at least 62 years of age
  • You must own the home free and clear or have a mortgage balance small enough that you can pay it off from the proceeds
  • The home must be your primary residence

The FHA further mandates that a borrower attend counseling and undergo a financial assessment to make sure that basic obligations – insurance and taxes – can still be met.

Most single-family homes or a two-to-four unit property in Pennsylvania qualify for a reverse mortgage. The borrower must show that they intend to use that property as their primary residence. On the other hand, mobile homes, townhouses, detached homes, units in condominiums and some manufactured homes are ineligible unless by special loan arrangement.

Top Reverse Mortgage Lenders in Pennsylvania

In the beginning, the top HECM companies in the state were large banks such as Wells Fargo. However, these lenders exited the business in 2012, and since then the industry has been dominated by smaller companies that special in reverse mortgages. Below, we’ve broken down the largest originators of all time and those who have gained in market share since 2012.

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All Time

Lender Loans Total Principal Limit
WELLS FARGO 4327 803960143
FINANCIAL FREEDOM SENIOR FUNDING CORP 2280 351542648
AMERICAN ADVISORS GROUP 1980 351672653
M AND T BANK 1792 290632855
ONE REVERSE MORTGAGE LLC 1572 252274850
METLIFE BANK NATIONAL ASSOCIATION 1121 213363750
NET EQUITY FINANCIAL INC 1085 163181585
SEATTLE MORTGAGE COMPANY 948 154683123
WORLD ALLIANCE FINANCIAL CORP. 733 118788126
UNITY MORTGAGE CORP 699 59238154
BANK OF AMERICA 575 113478236
GATEWAY FUNDING DIVERSIFIED MTG SRVS LP 559 125986565
AAKO INC 523 69840967
FINANCE OF AMERICA REVERSE LLC 488 88558070
CARDINAL FINANCIAL COMPANY 475 89263094
REVERSE MORTGAGE SOLUTIONS INC 440 88133870
FULTON BANK NATIONAL ASSOCIATION 416 76847660
ALL PENNSYLVANIA REVERSE MORTGAGE INC 407 44695153
LIBERTY HOME EQUITY SOLUTIONS INC 386 62371000
ACADEMY MORTGAGE LLC 380 70540273

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1715 307376740
ONE REVERSE MORTGAGE LLC 865 139759150
REVERSE MORTGAGE SOLUTIONS INC 440 88133870
NET EQUITY FINANCIAL INC 437 68348900
M AND T BANK 417 73850092
FINANCE OF AMERICA REVERSE LLC 376 71610970
LIBERTY HOME EQUITY SOLUTIONS INC 344 55523000
REVERSE MORTGAGE FUNDING LLC 279 79133433
DOLLAR BANK FSB 255 44063900
PROFICIO MORTGAGE VENTURES LLC 244 45185600

PA Interest Rates

Here are the average fixed and adjustable interest rates on HECM loans based on data published by the US Department of Housing and Urban Development:

Date Fixed Rate Adjustable Rate
2015-01-01 5.07% 2.81%
2015-02-01 4.96% 2.84%
2015-03-01 4.94% 3.00%
2015-04-01 4.91% 2.99%
2015-05-01 5.00% 3.06%
2015-06-01 4.92% 3.10%
2015-07-01 4.95% 3.18%
2015-08-01 4.97% 3.19%
2015-09-01 4.90% 3.16%
2015-10-01 4.86% 3.19%
2015-11-01 4.74% 3.26%
2015-12-01 4.68% 3.40%
2016-01-01 4.84% 3.58%
2016-02-01 4.84% 3.71%
2016-03-01 4.86% 3.77%
2016-04-01 4.87% 3.86%
2016-05-01 4.84% 3.95%
2016-06-01 4.90% 4.03%
2016-07-01 4.78% 4.12%
2016-08-01 4.84% 4.13%
2016-09-01 4.71% 4.32%
2016-10-01 4.84% 4.45%
2016-11-01 4.94% 4.57%
2016-12-01 4.81% 4.74%
2017-01-01 4.73% 4.73%
2017-02-01 4.87% 4.63%
2017-03-01 4.95% 4.49%
2017-04-01 4.93% 4.47%
2017-05-01 4.93% 4.38%
2017-06-01 5.02% 4.33%

Top Cities by Total HECM Originations

Rank City Zip Total
1 PHILADELPHIA 19111 8218
2 PITTSBURGH 15212 1544
3 LEVITTOWN 19055 509
4 YORK 17403 508
5 HARRISBURG 17109 433
6 LANCASTER 17601 412
7 BETHLEHEM 18015 398
8 ALLENTOWN 18103 358
9 READING 19606 336
10 ERIE 16510 335
11 WEST CHESTER 19380 327
12 EASTON 18042 300
13 NORRISTOWN 19401 230
14 WARMINSTER 18974 215
15 HANOVER 17331 211
16 BENSALEM 19020 201
17 MECHANICSBURG 17055 174
18 SCRANTON 18504 173
19 HAVERTOWN 19083 171
20 POTTSTOWN 19464 158
21 MEDIA 19063 157
22 GREENSBURG 15601 148
23 BRISTOL 19007 144
24 DOYLESTOWN 18901 143
25 LANGHORNE 19047 141
26 LANSDALE 19446 139
27 CHAMBERSBURG 17201 134
28 SPRINGFIELD 19064 133
29 CARLISLE 17013 132
30 PHOENIXVILLE 19460 131

HECM Counselors

ADVANTAGE CREDIT COUNSELING SERVICE
2403 SIDNEY ST PITTSBURGH, PA 15203-2167
(888) 511-2227

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ADVANTAGE CREDIT COUNSELING SERVICE
401 LAUREL ST PITTSTON, PA 18640-3557
(888) 511-2227

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CATHOLIC CHARITIES DIOCESE OF ALLENTOWN
900 S. WOODWARD ST. ALLENTOWN, PA 18103-4179
(610) 435-1541

CCCS OF DELAWARE VALLEY, INC. DBA CLARIFI
280 NORTH PROVIDENCE ROAD MEDIA, PA 19063-3527
(800) 989-2227
http://www.clarifi.org

CCCS OF DELAWARE VALLEY, INC. DBA CLARIFI
101 GREENWOOD AVENUE SUITE 340 JENKINTOWN, PA 19046-2627
(800) 989-2227
http://www.clarifi.org

CCCS OF DELAWARE VALLEY, INC. DBA CLARIFI
1608 WALNUT ST FL 10 PHILADELPHIA, PA 19103
(215) 563-5665
https://www.clarifi.org

CREDIT COUNSELING CENTER
832 SECOND STREET PIKE RICHBORO, PA 18954-1098
(215) 348-8003

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MT. AIRY, U S A
6703 GERMANTOWN AVE – SUITE 200 PHILADELPHIA, PA 19119-2109
(215) 844-6021
http://www.mtairyusa.org

SCHUYLKILL COMMUNITY ACTION
225 N. CENTRE ST. POTTSVILLE, PA 17901-2511
(570) 622-1995

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TABOR COMMUNITY SERVICES, INC
308 E KING ST LANCASTER, PA 17602-5013
(717) 397-5182
http://www.tabornet.org

HUD Offices

Philadelphia Regional Office
The Wanamaker Building
100 Penn Square East
Philadelphia, PA 19107-3380
Phone: (215) 656-0500
Office Hours: 8am to 4:30pm, Mon-Fri

Pittsburgh Field Office
William Moorhead Federal Building
1000 Liberty Avenue, Suite 1000
Pittsburgh, PA 15222-4004
Phone: (412) 644-6428
Office Hours: 8am to 4:30pm, Mon-Fri

Want to learn more? Click here to get free information about a reverse mortgage!