Buyers Guides » Reverse Mortgage » Best Reverse Mortgage Companies in Philadelphia, PA

Best Reverse Mortgage Companies in Philadelphia, PA

We chose the best reverse mortgage companies in Philadelphia, PA, based on loan options, costs, and customer reviews.

Latest update: December 28, 2022

Best Reverse Mortgage Companies in Philadelphia, PA

Finance of America Reverse

As a member of the National Reverse Mortgage Lenders Association (NRMLA), Finance of America Reverse has retailers licensed in 43 states and a wholesale division licensed in 42 states and Puerto Rico. Its goal is to help you optimize your retirement, help ease financial worries and diversify your investments through a reverse mortgage.

American Advisors Group (AAG)

American Advisors Group puts its sole focus on reverse mortgage lending, so it's focused on helping you access your home’s equity.

Magnolia Bank

Magnolia Bank offers personalized service for reverse mortgages and quick closing. Magnolia Bank offers FHA-backed Home Equity Conversion Mortgage and offers various fund distribution schedules.

Keegan Mortgage Corporation

Broker representing multiple lenders with a variety of loan options, including reverse mortgages. A specialist will work with you to find the best solution for your needs. Licensed NMLS lender.

Dynamic Funding Solutions, Inc

Partners with over 100 investors to offer a wide selection of loans, including reverse mortgages. Looks at each financial situation to find the most appropriate loan. No hidden fees.

Absolute Home Mortgage Corporation

Mortgage lender offering a full suite of home loan products and reverse mortgages. Contact a licensed loan officer to learn if a reverse mortgage works for you. No income or credit requirements to qualify.

Reverse Mortgage Reality

Reverse mortgage specialist at Bank of England. Educates clients on all reverse mortgage options. Offers HECMs, H4Ps and jumbo reverse mortgages. Get a free quote on the website.

Chesen Mortgage Group

Offers a comprehensive selection of home financing, including reverse mortgage HECMs. Choose disbursement as a full or partial lump sum, monthly payments, line of credit, or a combination–and change your disbursement option any time.

Michael Friedman | Reverse Mortgage

Meets clients to discuss reverse mortgage options in their homes. Offers HECMs, H4Ps, and jumbo reverse mortgages. Specializes in helping seniors use their home equity to provide financial stability.

Innovative Mortgage Brokers

Specializes in custom-tailored mortgage solutions, including HECMs, for Pennsylvania borrowers. Start with a free evaluation of your situation. Licensed with PA Department of Banking and Securities.

Philadelphia Mortgage Company, Inc.

Guides clients in making informed decisions on home financing. Offers HECMs and a suite of home loans from multiple lenders. Tailors loans to fit your needs.

Reverse Mortgage Costs in Philadelphia, PA

Homeowners in Philadelphia can borrow up to $970,800 for a reverse mortgage, the 2023 HECM maximum nationwide claim amount. The cost of a reverse mortgage in Pennsylvania depends on:

The most popular type of reverse mortgage is an FHA-backed Home Equity Conversion Mortgage, HECM. With a HECM, Pennsylvania borrowers have several options for how the proceeds are disbursed:

Lump sum disbursement is more expensive because the lender will charge fees on the entire loan amount at once. A line of credit could be more affordable because fees and interest are charged only on the portion of funds you withdraw. When budgeting for your reverse mortgage costs, remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes.

How a Reverse Mortgage Works

A reverse mortgage allows borrowers to leverage their home equity for cash. Then, they’ll use the money to supplement retirement income, make necessary aging-in-place improvements or home repairs, or reduce their monthly housing expenses. Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts.

You can take out a reverse mortgage on single-family homes, condos, townhomes, certain manufactured homes, and two- to four-unit multi-family homes in which the borrower occupies one unit. Vacation homes, rental homes, and investment properties are not eligible. HECMs also have a lending limit that adjusts annually, but homes over the FHA limit might qualify for a proprietary reverse mortgage from a private lender.

Before applying for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.

Philadelphia, PA Reverse Mortgage Eligibility Requirements

A good portion of Philadelphia’s population are seniors, which means many will qualify for reverse mortgages. A reverse mortgage is a good financial tool for Pennsylvania retirees 62 and over who:

According to the U.S. Census, more than 52% of Philadephia residents own their homes. Funds from a reverse mortgage can finance home improvements for those who choose to age in place.

For seniors who retire before social security payments begin or who want to delay until age 70, a reverse mortgage can turn home equity into retirement income. A Home Equity Conversion Mortgage for purchase could be an excellent option for borrowers who want to downsize or move into a retirement community, but don’t have a lot of money for a down payment or good credit to obtain a reasonable mortgage interest rate.

Homeowners who qualify for a Home Equity Line of Credit or home equity loan should consider those smart options. If you plan to sell your home or move soon, a traditional HECM reverse mortgage does not make sense, as the loan becomes due when the home is no longer your primary residence.


Philadelphia, PA Reverse Mortgage Company Reviews

Keegan Mortgage Corporation

Keegan Mortgage Corporation

Keegan Mortgage Corporation has been in business since 1946. As a broker, the firm partners with multiple lenders to bring clients the best options. You can arrange a meeting with a specialist in the office or at home. An online application is also available. Clients rave about this company, giving it five stars for its streamlined process, knowledgeable brokers, thorough explanations, and competitive rates.

Keegan Mortgage Corporation
Address 1504 Walnut Ave, Oreland, PA 19075
Phone Number (215) 885-5311


Dynamic Funding Solutions, Inc

Dynamic Funding Solutions, Inc

Dynamic Funding Solutions has no hidden fees and works with borrowers from all types of financial backgrounds. Choose from a full line of home loans, including reverse mortgages from over 100 lenders. Contact the company to discuss which option is right for you. Reviewers consistently give this company five stars for competitive rates, staff knowledge, a seamless lending process, and excellent communication. One client mentioned that the loan process required little effort on her part and was completed in no time.

Dynamic Funding Solutions, Inc
Address 51 Buck Rd, Huntingdon Valley, PA 19006
Phone Number (215) 364-7171


Absolute Home Mortgage Corporation

Absolute Home Mortgage Corporation

Absolute Home Mortgage Corporation is a lender providing a range of home loans, including reverse mortgages. There are no income, credit, or payment requirements to qualify. Clients were impressed with the loan officer’s knowledge of the local housing market. Reviewers give this company five stars for their attention to detail, hassle-free process, and attractive rate options. Others said loan officers were kind, helpful, and willing to take the time to explain various loan options.

Absolute Home Mortgage Corporation
Address 930 S 11th St, Philadelphia, PA 19147
Phone Number (267) 319-1923


Reverse Mortgage Reality

Reverse Mortgage Reality

Reverse Mortgage Reality helps seniors, family members, and trusted advisors decide if a reverse mortgage is right for their financial situation. Options include HECM, H4P and jumbo. The company uses an “education first” model to inform clients and answer all questions before applying for a loan. Reviewers said Jason made sure they understood every aspect of the loan and explained everything in plain language. Others said he was committed to helping them, even in complicated cases, and many clients recommend his services.

Reverse Mortgage Reality
Address 1412 Fort Washington Ave, Ambler, PA 19002
Phone Number (267) 289-1095


Chesen Mortgage Group

Chesen Mortgage Group

Chesen Mortgage Group is a brokerage firm that offers a wide selection of home loans from multiple lenders, including HECMs. You can use the reverse mortgage qualifier tool on the website to find out what you qualify for and receive options based on your specific financial situation. Reviewers said the loan process was quick and easy, while others cited great rates and a stress-free experience.

Chesen Mortgage Group
Address 1626 Locust St Suite 404, Philadelphia, PA 19103
Phone Number (610) 829-9249


Michael Friedman | Reverse Mortgage

Michael Friedman | Reverse Mortgage

Michael Friedman Reverse Mortgage is a local broker that helps seniors use their home equity to their advantage. Mr. Friedman meets all clients in person to discuss if a reverse mortgage meets their needs. Options are available from multiple lenders and include HECM, H4P, and jumbo. Customers said the company was very transparent and professional, making the reverse mortgage easy to understand. Borrowers liked that he was available 24/7 and made a complicated transaction go smoothly.

Michael Friedman | Reverse Mortgage
Address 5 Winslow Way, Dresher, PA 19025
Phone Number (215) 901-6521


Innovative Mortgage Brokers

Innovative Mortgage Brokers

Innovative Mortgage Brokers focuses on quality service, low rates, and speed. Start the loan process by requesting a digital rate quote online or talking to an advisor to find out which option is right for you. This company belongs to the Association of Independent Mortgage Brokers. Reviewers consistently give this company five stars for excellent service, responsiveness, and quality guidance. Customers said the brokers were a “fountain of knowledge” who were able to get them great rates.

Innovative Mortgage Brokers
Address 9351 Banes St Unit B, Philadelphia, PA 19115
Phone Number (215) 309-1757


Philadelphia Mortgage Company, Inc.

Philadelphia Mortgage Company, Inc.

Philadelphia Mortgage Company offers a variety of loan products and can tailor a solution to fit your needs. A loan officer can help you decide if a HECM is the best way for you to tap into your home’s equity for a more secure retirement. The company is listed with NMLS and licensed by the PA Department of Banking. Clients said advisors were patient, professional, and caring. Customers liked that loan officers from this company were available to answer questions and found creative financing solutions.

Philadelphia Mortgage Company, Inc.
Address 300 Brookside Ave Bldg 4, Ambler, PA 19002
Phone Number (215) 880-3636

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