Find Reverse Mortgage Specialists Near You in Ventura, CA
Browse reverse mortgage specialists serving Ventura, California. Contact information and addresses listed below.
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 19 reverse mortgage specialists in Ventura, 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.
Reverse mortgage specialists in Ventura California help homeowners aged 62 and older convert part of their home equity into tax-free funds. California law requires lenders to provide mandatory counseling from a HUD approved agency before a reverse mortgage loan can close. These specialists can guide you through the process and explain how a reverse mortgage may affect your estate and heirs.
What Does a Reverse Mortgage Specialist in Ventura Cost?
Typical costs for a reverse mortgage in California include an origination fee up to 2 percent of the home value capped at 6000 dollars, an appraisal fee of 400 to 600 dollars, and mortgage insurance premiums equal to 2 percent of the home value at closing plus 0.5 percent annually. Third party costs like title insurance and recording fees add 500 to 1500 dollars. Total closing costs usually range from 3000 to 8000 dollars depending on the home value and loan type. 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 and property requirements for a reverse mortgage in Ventura?
You must be at least 62 years old and own your home outright or have a very low mortgage balance. The property must be your primary residence and can be a single family home, a condo approved by HUD, or a manufactured home that meets FHA standards.
How does California law affect reverse mortgage proceeds?
California Civil Code Section 1923.2 requires lenders to disclose that reverse mortgage proceeds are not taxable and generally do not affect Social Security or Medicare. However, they may affect needs based benefits like Medi-Cal or SSI. You must also receive counseling from a HUD approved agency before the loan is approved.
What happens if I move out of my Ventura home after getting a reverse mortgage?
If you move out permanently or sell the home, the reverse mortgage becomes due and payable. You or your heirs typically have 12 months under California law to repay the loan or sell the property. If you leave the home for more than 12 consecutive months for medical reasons, the loan may also become due.