Find Reverse Mortgage Specialists Near You in Simi Valley, CA
Compare reverse mortgage specialists in Simi Valley. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of California before hiring.
Showing 17 reverse mortgage specialists in Simi Valley, CA
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A reverse mortgage specialist in Simi Valley helps homeowners aged 62 and older convert part of their home equity into tax-free funds without selling their home. California law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage HECM. Simi Valley residents benefit from local specialists who understand Ventura County property values and California senior homeowner protections.
What Does a Reverse Mortgage Specialist in Simi Valley 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 6 thousand dollars. Third-party fees such as appraisal title insurance and recording fees range from 2 thousand to 5 thousand dollars. The upfront mortgage insurance premium is 2 percent of the appraised value. These costs are often financed into the loan. 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 and occupancy requirements for a reverse mortgage in Simi Valley?
Borrowers must be at least 62 years old and use the home as their primary residence. California law also requires that the home be a single-family property or a HUD-approved condominium. The borrower must live in the home for at least six months each year.
Is counseling required before getting a reverse mortgage in California?
Yes California law mandates that all borrowers receive counseling from a HUD-approved counselor before applying for a reverse mortgage. The counseling session covers loan terms costs and alternatives. You must complete this session within 30 days before submitting your application.
How much can I borrow with a reverse mortgage in Simi Valley?
The amount depends on your age the appraised value of your home and current interest rates. In California the maximum claim amount for a HECM is capped at 1 million 89 thousand 300 dollars as of 2024. Younger borrowers typically qualify for a smaller percentage of their home equity.