Reverse Mortgage Specialists in New London, CT
Compare reverse mortgage specialists in New London. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Connecticut before hiring.
Showing 2 reverse mortgage specialists in New London, CT
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Reverse mortgage specialists in New London Connecticut help seniors aged 62 and older access home equity through a HECM loan. Connecticut law requires borrowers to complete counseling from a HUD approved agency before applying. Specialists guide clients through the process including property eligibility and repayment terms.
What Does a Reverse Mortgage Specialist in New London Cost?
Typical costs for a reverse mortgage in Connecticut include an origination fee up to 2 percent of the home value capped at 6000 dollars. Third party costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. The upfront mortgage insurance premium is 2 percent of the appraised value. Annual mortgage insurance is 0.5 percent of the loan balance. Costs vary by case and loan type. 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 is a reverse mortgage specialist in New London?
A reverse mortgage specialist is a licensed professional who helps seniors in New London understand and apply for a Home Equity Conversion Mortgage. They explain loan terms costs and eligibility requirements specific to Connecticut.
Do I need counseling before getting a reverse mortgage in Connecticut?
Yes Connecticut law requires all borrowers to receive counseling from a HUD approved independent counselor. This session covers loan obligations costs and alternatives. The specialist cannot proceed without a valid counseling certificate.
What property types qualify for a reverse mortgage in New London?
Single family homes and 2 to 4 unit properties where the borrower occupies one unit qualify. Condominiums and manufactured homes may qualify if they meet HUD and Connecticut state standards. The property must be in good condition.