Pennsylvania Reverse Mortgage Lenders
All Reverse Mortgage® is headquartered in California and provides lending services around the country. All Reverse began in November 2007 and as the
name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
We offer reverse mortgages to Pennsylvania homeowners and our staff has a combined lending experience exceeding 100 years with national mortgage banking
experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage® is well positioned to be able to assist borrowers
with all specific needs associated with the reverse mortgage program.
Pennsylvania Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Pennsylvania
||Avg. Home Value
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate,
underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or "Heck-um"). The HECM is HUD's acronym for their reverse mortgage loan.
All Reverse Mortgage® originates in Pennsylvania and closes both refinance loans, where borrowers already own their home and are looking
to either pay off their existing loan and have no more monthly mortgage payment, utilize their equity for other purposes if they have no existing loan,
or possibly a combination of both
About All Reverse Mortgage®
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and as such,
have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products to offer to borrowers of high valued homes
in the higher home priced markets that the HUD HECM may just not serve as well. Jumbo or proprietary programs typically offer lower Principal Limits as they
relate to home values, though, so not all borrowers are best served with the jumbo programs available.
A seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each so that the borrower
can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a solid HUD HECM market and then within just a short
distance for a niche jumbo market to be located where there is a need for a jumbo program.
Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now seeking
the reverse mortgage to augment their retirement plans and not so much the mortgage of last resort. Everything from the elimination of existing mortgage payments
to the line of credit that grows make reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably in their
family home, but to plan for the future as well.
Pennsylvania Lending Limits
As the 33rd largest state in the country and the fifth most populous, Pennsylvania had a total population of 12,802,503 residents in 2015.
Of those residents, there were 1,231,934 homeowners 62 and older in the Keystone State.
The most dense cities in the state include Philadelphia, Pittsburgh, Allentown, Erie and Reading. In addition, Pennsylvania is one of the 13
original founding states in the country, which was established in 1681.
Pennsylvania is the location of a number American historical events. The United States Constitution as well as the United States Declaration
of Independence were drafted in Independence Hall in Philadelphia. The state was also the second to ratify the United States
Constitution on December 12, 1787.
In terms of the economy in Pennsylvania, it ranks sixth in the country for its total gross state product. Industries driving the economy
within the state include banking, gambling and agriculture. Pennsylvania is ranked first for its mushroom production, second for its
apple production and third for its Christmas tree and layer chicken production.
Though the economy in the state is stable, home values have not grown significantly in recent years. Currently, the average home value in
Pennsylvania is valued at $158,900, a 3.9% uptick over the last year. Next year it is predicted home values will see slightly less growth, with around
2.3% price appreciation.
With lower home values, the possibility of being eligible for a reverse mortgage may be increased for those homeowners who are interested.
If you reside in Pennsylvania, All Reverse Mortgage® is here to answer your questions. Access our free calculator to estimate
your reverse mortgage lending limit or call us Toll Free (800) 565-1722