Find Reverse Mortgage Specialists Near You in Santa Barbara, CA
Compare reverse mortgage specialists in Santa Barbara. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of California before hiring.
Showing 20 reverse mortgage specialists in Santa Barbara, CA
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A reverse mortgage specialist in Santa Barbara California helps homeowners aged 62 and older access home equity through a Home Equity Conversion Mortgage or HECM. California law requires mandatory HUD-approved counseling before a reverse mortgage application can proceed. Santa Barbara residents often use these funds to supplement retirement income or cover home improvements while remaining in their homes.
What Does a Reverse Mortgage Specialist in Santa Barbara 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 maximum of 6000 for homes over 125000. Additional costs include appraisal fees usually 400 to 800 third-party closing costs and mortgage insurance premiums. The upfront mortgage insurance premium is 2 percent of the home value and annual premiums are 0.5 percent. Total costs vary by case and loan amount. 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 Santa Barbara California?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence and meet FHA standards. California law also requires you to complete a counseling session with a HUD-approved counselor before applying.
How does California law protect reverse mortgage borrowers in Santa Barbara?
California Civil Code Section 1923 requires lenders to provide a detailed disclosure including total loan costs and repayment terms. Borrowers have a three-day right of rescission after closing to cancel the loan without penalty. Counseling must be completed before any application is accepted.
What are the typical costs for a reverse mortgage specialist in Santa Barbara?
Costs include an origination fee up to 2 percent of the home value appraisal fees and closing costs. Origination fees are capped at 6000 for homes valued over 125000. Total upfront costs usually range from 2000 to 8000 depending on the property value and loan type.