Reverse Mortgage Specialists in Southington, CT
Directory of reverse mortgage specialists in Southington, Connecticut. Verify credentials with the state state mortgage licensing authority before hiring.
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 Connecticut before hiring.
Showing 14 reverse mortgage specialists in Southington, 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.
A reverse mortgage specialist in Southington Connecticut helps homeowners aged 62 and older access home equity without monthly payments. Connecticut law requires borrowers to complete a counseling session with a HUD-approved agency before applying for a Home Equity Conversion Mortgage (HECM). Southington residents can use these funds for home improvements healthcare costs or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Southington Cost?
Reverse mortgage costs in Connecticut include an origination fee up to 2% of the home value a mortgage insurance premium of 2% of the appraised value and third-party costs like appraisal title search and recording fees. Typical total closing costs range from $5,000 to $15,000 depending on the home value and loan type. Connecticut also requires a mandatory counseling fee usually between $125 and $150. 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 requirements for a reverse mortgage in Southington Connecticut?
Borrowers must be at least 62 years old. All homeowners listed on the title must meet this age requirement. Connecticut law does not add any additional age restrictions beyond the federal HECM standard.
Do I need to complete counseling before getting a reverse mortgage in Connecticut?
Yes Connecticut law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. This session must occur before you submit a loan application. The counselor will explain loan terms costs and alternatives.
What property types qualify for a reverse mortgage in Southington Connecticut?
Qualifying properties include single-family homes two-to-four unit properties with one unit occupied by the borrower and HUD-approved condominiums. Manufactured homes may qualify if they meet FHA standards. The property must be your primary residence.