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Showing 2 reverse mortgage specialists in Castro Valley, CA
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Optimal Loans
4061 E Castro Valley Blvd Suite 260, Castro Valley, CA 94552
5104265626
Mortgage Girl, Inc
2811 Castro Valley Blvd #207, Castro Valley, CA 94546
5103663045
What Does a Reverse Mortgage Specialist in Castro Valley Cost?
Typical costs for a reverse mortgage in California include an origination fee up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees like appraisal and title search. These costs can range from 5000 to 15000 dollars depending on the home value and loan type. This is general information and 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.
Frequently Asked Questions
What are the age requirements for a reverse mortgage in Castro Valley California?
Borrowers must be at least 62 years old. If the home is owned jointly, both owners must meet this age requirement. California law also requires that the home be the borrower's primary residence.
How does California law affect reverse mortgage proceeds?
California law does not tax reverse mortgage proceeds as income. The funds are considered loan advances, not earnings. However, they may affect eligibility for need-based programs like Medi-Cal.
What property types qualify for a reverse mortgage in Castro Valley?
Single-family homes, FHA-approved condominiums, and townhouses typically qualify. Manufactured homes may qualify if they meet HUD standards. The property must be in good condition and pass an FHA appraisal.