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 California before hiring.
Showing 3 reverse mortgage specialists in San Fernando, 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.
Mission Mortgage Company
651 San Fernando Mission Blvd, San Fernando, CA 91340
8188517800
1ST Choice Lender
1027 N Maclay Ave, San Fernando, CA 91340
8188376600
Anthem Mortgage Inc.
662 N Maclay Ave, San Fernando, CA 91340
8184589098
What Does a Reverse Mortgage Specialist in San Fernando Cost?
Typical costs for a reverse mortgage specialist in California include an origination fee of up to 2 percent of the home value with a cap of 6000 dollars. Third party costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. Borrowers also pay a monthly mortgage insurance premium of 0.5 percent of 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 qualifications does a reverse mortgage specialist need in California?
In California reverse mortgage specialists must hold a valid mortgage loan originator license through the Nationwide Multistate Licensing System NMLS. They must also follow state and federal rules for HECM loans including providing clear disclosures to borrowers.
Are reverse mortgage proceeds taxable in California?
Reverse mortgage proceeds are not considered taxable income by the IRS or California Franchise Tax Board. However interest on the loan is not deductible until the loan is paid off. Consult a tax professional for your specific situation.
What happens to a reverse mortgage if the borrower moves out of San Fernando?
If the borrower permanently moves out of the home the reverse mortgage becomes due and payable. California law gives the borrower or their heirs up to 12 months to sell the home or repay the loan before foreclosure proceedings can begin.