Compare Reverse Mortgage Specialists in Monterey, CA
Directory of reverse mortgage specialists in Monterey, 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 12 reverse mortgage specialists in Monterey, 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 Monterey Cost?
Typical costs for a reverse mortgage in California include an origination fee of up to 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above that. Upfront mortgage insurance premium is 2 percent of the appraised value. Third-party costs such as appraisal, title search, and recording fees range from 2,000 to 5,000 dollars. Total closing costs often fall between 6,000 and 15,000 dollars. 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 Monterey California?
You must be at least 62 years old. All borrowers listed on the title must meet this age requirement. The home must be your primary residence in Monterey County.
Do I need counseling before getting a reverse mortgage in California?
Yes. California law requires you to complete a counseling session with a HUD-approved counselor. The session covers loan costs, payment options, and alternatives. You receive a certificate that is valid for 180 days.
What property types qualify for a reverse mortgage in Monterey?
Single-family homes, FHA-approved condos, and manufactured homes that meet FHA standards qualify. Two-to-four unit properties also qualify if you live in one unit. The property must be in good condition.