Compare Reverse Mortgage Specialists in Huntington Beach, CA
Directory of reverse mortgage specialists in Huntington Beach, 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 19 reverse mortgage specialists in Huntington Beach, 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 Huntington Beach 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 $6,000, plus a mortgage insurance premium of 2 percent of the appraised value. Closing costs often range from $2,000 to $5,000, and the mandatory HUD counseling fee is around $125 to $250. These costs are usually rolled into the loan balance. 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 are the eligibility requirements for a reverse mortgage in Huntington Beach?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the primary residence, and the home must meet HUD property standards. California law also requires a financial assessment to ensure the borrower can pay property taxes and insurance.
How does California law affect reverse mortgage proceeds?
California law exempts reverse mortgage proceeds from state income tax. However, the loan must be repaid when the borrower sells the home, moves out permanently, or passes away. The state also has a three-day right of rescission after closing, allowing borrowers to cancel without penalty.
Can a reverse mortgage affect my Social Security or Medicare benefits in California?
Reverse mortgage proceeds are considered loan advances, not income, so they generally do not affect Social Security or Medicare. However, they may impact Medi-Cal or Supplemental Security Income if the funds are not spent within the same month. Consult a benefits specialist for your specific situation.