Find Reverse Mortgage Specialists Near You in Folsom, CA
Directory of reverse mortgage specialists in Folsom, California. Verify credentials with the state state mortgage licensing authority before hiring.
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 15 reverse mortgage specialists in Folsom, 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.
What Does a Reverse Mortgage Specialist in Folsom Cost?
Typical costs for a reverse mortgage specialist in California include an origination fee of up to 2 percent of the home value capped at 6000 dollars. Third-party charges such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. HECM counseling costs about 125 dollars but may be waived for low-income borrowers. These costs can be financed into the loan. 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.
Frequently Asked Questions
What does a reverse mortgage specialist do in Folsom California?
A reverse mortgage specialist explains loan options helps determine eligibility and coordinates with HUD-approved counselors. They assist with application paperwork and ensure compliance with California disclosure requirements. Specialists do not provide financial advice but explain how reverse mortgages work.
Who is eligible for a reverse mortgage in Folsom California?
Eligibility requires the homeowner to be at least 62 years old and own the home outright or have a low mortgage balance. The property must be the primary residence and meet FHA standards. California law also mandates a financial assessment to ensure the borrower can pay ongoing property taxes and insurance.
Are there California specific rules for reverse mortgages?
Yes California requires a three-day right of rescission after closing allowing borrowers to cancel without penalty. Lenders must provide a written list of counseling agencies approved by HUD. California also prohibits lenders from requiring borrowers to purchase other financial products as a condition of the loan.