In 2024, there were 89 active reverse mortgage loans in Centre County, Pennsylvania. The average home value in Centre County is $367,396.88.

Click here to get a reverse Mortgage Quote in Centre County, Pennsylvania

To avoid scams, make sure you are working with a licensed lender in Pennsylvania. South River Mortgage is a fully licensed lender in Pennsylvania. The PA state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Mortgage Lender License in PA, and our state license identifier is 94894.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Centre County

Located in the state of Pennsylvania, Centre County is home to a population of approximately 161,464 residents. Nestled in the heart of the state, Centre County boasts a diverse landscape that includes charming towns, rolling hills, and picturesque farmland. The area is known for its vibrant college town atmosphere, thanks to Penn State University being located in STATE College. Additionally, Centre County is renowned for its outdoor recreational opportunities, including hiking and biking trails, state parks, and fishing spots. Steeped in history, Centre County played a key role in the founding of the United States, with significant historical sites such as the Boalsburg Military Museum and the Bellefonte Art Museum. For seniors looking to tap into their home equity, Centre County’s average home value of $367,396.88 paired with an average property tax of $3,806.79, and an average interest rate of 0.0404, make it an attractive location for exploring reverse mortgage options. Reverse mortgages can provide older homeowners with financial flexibility by allowing them to tap into their home’s equity without having to make monthly mortgage payments.

Reverse Mortgage Loan Origination in Centre County

Reverse Mortgage Home Values in Centre County

Reverse Mortgage Interest Rates Centre County

There are approximately 89 active reverse mortgage loans in Centre County. The average interest rate in Centre County is 7.99% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Centre County was $327,500.00 in 2024.

Click here to get a Reverse Mortgage Quote in Centre County, Pennsylvania »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Centre County, PA

With the average home value of $327,500.00, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Centre County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Centre County

You can now purchase a home with a reverse mortgage in {county}, PA. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »