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 4,327 803,960,143
AMERICAN ADVISORS GROUP 3,984 805,502,380
FINANCIAL FREEDOM SENIOR FUNDING CORP 2,280 351,542,648
M AND T BANK 1,871 308,258,585
ONE REVERSE MORTGAGE LLC 1,766 291,584,350
METLIFE BANK NATIONAL ASSOCIATION 1,121 213,363,750
NET EQUITY FINANCIAL INC 1,085 163,181,585
SEATTLE MORTGAGE COMPANY 948 154,683,123
WORLD ALLIANCE FINANCIAL CORP. 733 118,788,126
UNITY MORTGAGE CORP 699 59,238,154
FINANCE OF AMERICA REVERSE LLC 661 138,149,270
REVERSE MORTGAGE FUNDING LLC 607 184,956,301
BANK OF AMERICA 575 113,478,236
GATEWAY FUNDING DIVERSIFIED MTG SRVS LP 559 125,986,565
AAKO INC 523 69,840,967
CARDINAL FINANCIAL COMPANY 475 89,263,094
LIBERTY HOME EQUITY SOLUTIONS INC 454 77,557,350
REVERSE MORTGAGE SOLUTIONS INC 440 88,133,870
FULTON BANK NATIONAL ASSOCIATION 432 79,983,060
DOLLAR BANK FSB 415 75,529,236

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 3,719 761,206,467
ONE REVERSE MORTGAGE LLC 1,059 179,068,650
REVERSE MORTGAGE FUNDING LLC 607 184,956,301
FINANCE OF AMERICA REVERSE LLC 549 121,202,170
M AND T BANK 496 91,475,822
REVERSE MORTGAGE SOLUTIONS INC 440 88,133,870
NET EQUITY FINANCIAL INC 437 68,348,900
LIBERTY HOME EQUITY SOLUTIONS INC 412 70,709,350
DOLLAR BANK FSB 307 55,703,900
PROFICIO MORTGAGE VENTURES LLC 244 45,185,600

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:

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.87% 5.28%
2019-02-01 4.82% 5.14%
2019-03-01 4.62% 5.00%
2019-04-01 5.06% 4.90%
2019-05-01 4.25% 4.81%
2019-06-01 4.99% 4.83%
2019-07-01 4.56% 4.60%
2019-08-01 5.81% 4.51%
2019-09-01 NA 4.44%
2019-10-01 NA 4.58%
2019-11-01 5.06% 4.38%
2019-12-01 NA 4.20%
2020-01-01 NA 4.28%
2020-02-01 5.06% 4.22%
2020-03-01 NA 4.01%
2020-04-01 NA 3.92%
2020-05-01 NA 3.85%
2020-06-01 3.93% 3.59%
2020-07-01 3.43% 3.45%
2020-08-01 3.43% 3.35%
2020-09-01 3.35% 3.24%
2020-10-01 NA 3.18%
2020-11-01 NA 3.19%
2020-12-01 3.06% 3.00%
2021-01-01 3.31% 2.88%
2021-02-01 3.23% 2.83%
2021-03-01 3.31% 2.72%
2021-04-01 3.46% 2.62%
2021-05-01 3.28% 2.49%
2021-06-01 4.00% 2.36%
2021-07-01 3.10% 2.35%
2021-08-01 3.18% 2.44%
2021-09-01 3.25% 2.41%
2021-10-01 3.40% 2.40%
2021-11-01 3.29% 2.34%
2021-12-01 3.41% 2.45%
2022-01-01 3.18% 2.46%
2022-02-01 3.56% 2.60%
2022-03-01 3.64% 2.99%
2022-05-01 4.68% 4.01%
2022-04-01 3.43% 3.39%
2022-06-01 NA 4.11%
2022-07-01 NA 4.66%
2022-08-01 5.57% 5.36%
2022-09-01 NA 5.60%
2022-10-01 5.56% 6.14%
2022-11-01 NA 6.68%

Historic Rates

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%
2017-07-01 5.01% 4.38%
2017-08-01 5.01% 4.49%
2017-09-01 5.06% 4.44%
2017-10-01 4.98% 4.46%
2017-11-01 4.90% 4.54%
2017-12-01 4.99% 4.64%
2018-01-01 4.93% 4.65%
2018-02-01 4.91% 4.71%
2018-03-01 4.73% 4.70%
2018-04-01 4.49% 4.71%
2018-05-01 4.65% 4.88%
2018-06-01 4.72% 4.69%
2018-07-01 4.51% 4.91%
2018-08-01 4.74% 4.92%
2018-09-01 4.62% 4.83%
2018-10-01 4.64% 4.88%
2018-11-01 4.67% 4.87%
2018-12-01 5.08% 5.00%

Top Cities by Total HECM Originations

Rank City Zip Total
1 PHILADELPHIA 19143 671
2 PHILADELPHIA 19138 501
3 PHILADELPHIA 19148 486
4 PHILADELPHIA 19150 471
5 PHILADELPHIA 19131 445
6 PHILADELPHIA 19146 437
7 PHILADELPHIA 19145 380
8 PHILADELPHIA 19119 343
9 PHILADELPHIA 19139 305
10 PHILADELPHIA 19144 280
11 PHILADELPHIA 19141 280
12 PHILADELPHIA 19132 265
13 PHILADELPHIA 19147 261
14 HANOVER 17331 247
15 WARMINSTER 18974 236
16 BENSALEM 19020 232
17 PHILADELPHIA 19151 229
18 WEST CHESTER 19380 221
19 PHILADELPHIA 19121 213
20 PHILADELPHIA 19154 202
21 PHILADELPHIA 19111 200
22 HAVERTOWN 19083 192
23 PHILADELPHIA 19114 191
24 PHILADELPHIA 19140 191
25 LANCASTER 17601 180
26 PHILADELPHIA 19126 180
27 BETHLEHEM 18017 174
28 MEDIA 19063 173
29 GREENSBURG 15601 170
30 LANCASTER 17603 166

HECM Counselors

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

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

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

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

CCCS OF DELAWARE VALLEY, INC. DBA CLARIFI
1608 WALNUT ST FL 10 PHILADELPHIA, PA 19103
(215) 563-5665

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

MT. AIRY, U S A
6703 GERMANTOWN AVE – SUITE 200 PHILADELPHIA, PA 19119-2109
(215) 844-6021

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

TABOR COMMUNITY SERVICES, INC
308 E KING ST LANCASTER, PA 17602-5013
(717) 397-5182

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!