Compare Reverse Mortgage Specialists in Novato, CA
Looking for a reverse mortgage specialist in Novato? Review the directory below to compare your options.
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State Mortgage Licensing Authority of California before hiring.
Showing 10 reverse mortgage specialists in Novato, CA
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A reverse mortgage specialist in Novato California helps homeowners aged 62 and older access home equity without monthly payments. California law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage. Specialists in Marin County guide clients through loan options and the mandatory counseling process.
What Does a Reverse Mortgage Specialist in Novato Cost?
Typical costs for a reverse mortgage specialist in California include an origination fee up to 2500 dollars or 2 percent of the home value whichever is greater. Other costs include appraisal fees around 500 dollars and closing costs of 2000 to 5000 dollars. Counseling fees are usually 125 to 250 dollars. Costs vary by loan amount and lender. 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 age requirements for a reverse mortgage in Novato California?
Borrowers must be at least 62 years old. If married, the younger spouse must also be 62 to be listed on the loan. California law follows federal HUD age rules for HECM loans.
Do I need counseling before getting a reverse mortgage in California?
Yes. California requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. This session covers loan terms, costs, and alternatives. You must receive a certificate of completion before the loan can proceed.
Can a reverse mortgage specialist help if I still owe money on my Novato home?
Yes. You can use a reverse mortgage to pay off an existing mortgage. The specialist will calculate if you have enough equity to cover the payoff and closing costs. California law limits the amount you can borrow based on your age and home value.