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Showing 2 reverse mortgage specialists in Madison, CT
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
PrimeLending: Randy Johnston
64 Wall St 3rd Floor, Madison, CT 06443
2034151222
Eric Hill - CrossCountry Mortgage, LLC
121 Samson Rock Dr, Madison, CT 06443
2036417709
What Does a Reverse Mortgage Specialist in Madison Cost?
Typical costs for a reverse mortgage specialist in Connecticut include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent upfront plus 0.5 percent annually, and third-party costs such as appraisal and title search. Total closing costs often range from 2,000 to 6,000 dollars. 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 does a reverse mortgage specialist in Madison do?
A reverse mortgage specialist guides you through the loan process, explains Connecticut counseling requirements, and helps you understand how a reverse mortgage affects your home equity and estate. They do not provide legal advice but can refer you to a qualified attorney.
Are there Connecticut-specific rules for reverse mortgages?
Yes, Connecticut requires all borrowers to attend HUD-approved counseling before submitting a loan application. The state also limits certain fees and requires lenders to provide clear disclosures about loan terms and repayment obligations.
What are the eligibility requirements for a reverse mortgage in Connecticut?
You must be at least 62 years old, own your home outright or have a low mortgage balance, and live in the home as your primary residence. Connecticut law also requires a financial assessment to ensure you can pay property taxes and insurance.