A reverse mortgage Pennsylvania homeowners take out lets them borrow against home equity without monthly mortgage payments. From October 2025 to August 2026, 588 owners here got a loan; that compares with 676 during fiscal year 2025. For your neighbors, the median home value came to $319,500. The initial principal limit is the name for your starting borrowing limit, meaning the money you're eligible to receive at closing. Across Pennsylvania, the median limit you'd see is $136,492. You can find out how a loan balance increases over time by reading how a reverse mortgage works.
Up to $1,000 in property tax relief and the Philadelphia tax freeze
On a HECM, the Consumer Financial Protection Bureau's federal rules say you must continue to pay your property taxes and homeowners insurance. The house must be your main home, and you also have to keep it well maintained. Falling behind on property taxes can push your loan into default. Default means you've broken the loan terms, and the lender can start foreclosure, so local tax help is important.
Statewide rebates through the Department of Revenue
Each year the Property Tax/Rent Rebate Program refunds you $380 to $1,000 on the property taxes or rent you've paid. What you receive depends on your household income, which must not exceed $48,110. You're eligible if you're 65 or older, or 50 or older and a widow or widower. Adults 18 or older with disabilities also qualify. You have through December 31, 2026 to file for the 2025 rebate. A new application is required each year.
A tax freeze for older Philadelphians
For residents of Philadelphia, the Senior Citizen Real Estate Tax freeze means your yearly bill won't go up. Even if the city tax rate or your home's assessment climbs, what you pay stays the same. You need to be 65 or older, or a widow 50 or older. For a single person, household income is capped at $33,500; for a married couple, it's $41,500. You must submit your application each year by September 30 to freeze your bill.
Is counseling required under Chapter 49 of the Pennsylvania Code?
The Reverse Mortgages Statement of Policy is official state guidance for your lender and it's not a statutory rule. Effective July 10, 2010 after adoption on July 9, 2010, it applies to firms under the Mortgage Licensing Act and Consumer Discount Company Act. The policy calls for reverse mortgage lenders in Pennsylvania to require that you receive counseling from a HUD-approved reverse mortgage counselor. You're able to choose among 5 HUD-approved counseling agencies located in Pennsylvania.
Lenders should also walk you through what follows your death. Unless the reverse mortgage is fully repaid, your family or other heirs might not inherit the house. On a separate matter, House Bill 1882 comes from the session spanning 2025 to 2026. It would give you bigger fonts on disclosures, and branch managers would have to be licensed mortgage originators. The person who takes your application, known as an originator, is a licensed loan officer. It cleared the House 104 to 99 on October 28, 2025, then headed to the Senate Banking and Insurance Committee. It hasn't become law because it still hasn't been approved.
Complaints and oversight at the Department of Banking and Securities
Your mortgage broker, lender, servicer, discount company and originator are watched by state regulators. There are now 78 active lenders in Pennsylvania who offer these loans. Lately, borrowers did 71 HECM-to-HECM refinances and 6 home-purchase loans.
You can contact the Department of Banking and Securities Consumer Help Center with concerns about a lender. They handle questions and complaints at 1 (800) 722-2657.
