Reverse Mortgage Specialists in Duarte, CA
Compare reverse mortgage specialists in Duarte. Review contact information and insurance categorys before you decide.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of California before hiring.
Showing 3 reverse mortgage specialists in Duarte, 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.
A reverse mortgage specialist in Duarte, California helps seniors aged 62 and older convert home equity into tax-free funds. California law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Specialists in Duarte guide clients through this process while explaining how the loan affects property taxes and heirs.
What Does a Reverse Mortgage Specialist in Duarte Cost?
Typical costs for a reverse mortgage in California include an origination fee up to 2.5 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 often range from 2000 to 6000 dollars but vary by loan size and lender. 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 Duarte?
Borrowers must be at least 62 years old. If there are co-borrowers, the youngest borrower must meet this age requirement. This rule applies to all HECM loans in California.
Do I need counseling before getting a reverse mortgage in California?
Yes, California law mandates that all reverse mortgage applicants complete a counseling session with a HUD-approved counselor. The counselor explains loan terms, costs, and alternatives. You must receive a signed certificate before the lender can process your application.
Can I lose my home with a reverse mortgage in Duarte?
You can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. California law requires lenders to provide a notice of default and a 30-day cure period before foreclosure. You must also continue living in the home as your primary residence.