In 2024, there were 122 active reverse mortgage loans in Erie County, Pennsylvania. The average home value in Erie County is $229,424.23.

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

Erie County, located in Pennsylvania, is home to a diverse population and picturesque landscapes. With a population of over 270,000 residents, the county experiences a varied climate, featuring warm summers and cold winters. Erie County is renowned for its beautiful shoreline along Lake Erie, offering residents and visitors opportunities for outdoor recreational activities like boating and fishing. The county also has a rich historical background, with landmarks such as the Presque Isle State Park and the Erie Maritime Museum showcasing its maritime heritage. For seniors looking to tap into their home’s equity, Erie County’s average home value of $229,424.23 makes it an attractive option for exploring reverse mortgages. With an average property tax of $2,821.94 and an average interest rate of 3.97%, seniors considering a reverse mortgage can leverage their home’s value to supplement their retirement income while still retaining ownership of their property. This financial option can provide seniors with a source of funds to enhance their quality of life in their golden years.

Reverse Mortgage Loan Origination in Erie County

Reverse Mortgage Home Values in Erie County

Reverse Mortgage Interest Rates Erie County

There are approximately 122 active reverse mortgage loans in Erie County. The average interest rate in Erie County is 7.58% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Erie County was $200,714.29 in 2024.

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

With the average home value of $200,714.29, 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 Erie 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 Erie 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 »