Find Reverse Mortgage Specialists in Putnam, CT
Looking for a reverse mortgage specialist in Putnam? Review the directory below to compare your options.
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State Mortgage Licensing Authority of Connecticut before hiring.
Showing 2 reverse mortgage specialists in Putnam, CT
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Reverse mortgage specialists in Putnam, Connecticut help older homeowners access home equity without monthly payments. Connecticut law requires borrowers to complete HUD-approved counseling before obtaining a reverse mortgage. Specialists guide clients through this process and explain how the loan affects estate planning and property taxes in Windham County.
What Does a Reverse Mortgage Specialist in Putnam Cost?
Typical costs for a reverse mortgage specialist in Connecticut include an origination fee of up to 6,000 dollars, an appraisal fee of 400 to 800 dollars, and a mortgage insurance premium of 2 percent of the home value. Closing costs such as title insurance and recording fees add 1,500 to 3,000 dollars. Total costs vary by loan amount and property value. 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 Putnam?
A reverse mortgage specialist is a licensed professional who helps homeowners aged 62 and older convert home equity into cash. In Connecticut, they must follow state regulations including a mandatory counseling session with a HUD-approved agency.
Are reverse mortgages regulated differently in Connecticut?
Yes, Connecticut has specific rules for reverse mortgages. Lenders must provide a disclosure statement and borrowers have a three-day right of rescission after closing. The state also requires that borrowers receive information about alternatives like home equity loans.
What costs are involved with a reverse mortgage in Putnam?
Costs include an origination fee, appraisal fee, mortgage insurance premium, and closing costs. In Connecticut, the origination fee is capped at 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above 200,000 dollars. These fees are typically financed into the loan.