In 2024, there were 1621 active reverse mortgage loans in Philadelphia County, Pennsylvania. The average home value in Philadelphia County is $269,791.44.

Click here to get a reverse Mortgage Quote in Philadelphia 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 Philadelphia County

Philadelphia County is a vibrant and historically rich area located in the state of Pennsylvania. With a population of over 1.5 million residents, Philadelphia County is known as the birthplace of American democracy and boasts a wide range of cultural attractions, including iconic landmarks such as Independence Hall and the Liberty Bell. The area is also renowned for its diverse culinary scene, vibrant neighborhoods, and thriving arts and entertainment venues. For those looking to settle in Philadelphia County, the average home value stands at $269,791.44, with an average property tax of $2,561.02 and an average interest rate of 3.94%. Seniors in Philadelphia County may find reverse mortgages to be a beneficial financial option, allowing them to tap into their home equity to supplement their retirement income. This can be particularly useful for older residents looking to age in place and maintain their financial security in their later years.

Reverse Mortgage Loan Origination in Philadelphia County

Reverse Mortgage Home Values in Philadelphia County

Reverse Mortgage Interest Rates Philadelphia County

There are approximately 1621 active reverse mortgage loans in Philadelphia County. The average interest rate in Philadelphia County is 7.57% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Philadelphia County was $289,216.87 in 2024.

Click here to get a Reverse Mortgage Quote in Philadelphia 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 Philadelphia County, PA

With the average home value of $289,216.87, 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 Philadelphia 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 Philadelphia 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 »