Reverse mortgage specialists in Burlingame help homeowners aged 62 and older convert part of their home equity into tax-free funds without selling their home. California law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage HECM. Burlingame residents often use these loans to supplement retirement income or cover healthcare costs while staying in their homes.
What Does a Reverse Mortgage Specialist in Burlingame Cost?
Typical costs for a reverse mortgage specialist in California include an origination fee of up to 2 percent of the first 200000 dollars of home value plus 1 percent of the amount above 200000. Closing costs usually range from 2000 to 5000 dollars and include appraisal title insurance and recording fees. The upfront mortgage insurance premium is 2 percent of the appraised value and annual premiums are 0.5 percent. Costs vary by lender loan amount and property value. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
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