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 Maine before hiring.
Showing 7 reverse mortgage specialists in Augusta, ME
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
OneMain Financial
12 Shuman Ave Ste 13, Augusta, ME 04330
2076263556
The Mendall Financial Group LLC - Raymond James
320 Water St, Augusta, ME 04330
2076212626
Guild Mortgage - Diane Watson
45 Memorial Cir Suite 304, Augusta, ME 04330
2079391034
Guild Mortgage Company
45 Memorial Cir Suite 304, Augusta, ME 04330
2078084298
Carol Tondreau - Financial Advisor, Ameriprise Financial Services, LLC
60 S Chestnut St, Augusta, ME 04330
2072136138
Heidi Rines - Gold Star Mortgage Financial Group
320 Water St 2nd Floor, Augusta, ME 04330
2072223110
EP Wealth Advisors
7 N Chestnut St, Augusta, ME 04330
2078442000
What Does a Reverse Mortgage Specialist in Augusta Cost?
Typical costs for a reverse mortgage specialist in Maine include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party closing costs such as appraisal and title fees. Total upfront costs often range from 5,000 to 10,000 dollars for a 200,000 dollar home. These costs are usually financed into the loan. This information is general and does not constitute 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 eligibility requirements for a reverse mortgage in Augusta Maine?
You must be at least 62 years old, own your home outright or have a low mortgage balance, and live in the property as your primary residence. Maine law also requires you to attend a counseling session with a HUD-approved agency before you can apply.
Are reverse mortgage proceeds taxable in Maine?
No, reverse mortgage proceeds are not considered income by the IRS or the state of Maine. They are loan advances, so you do not pay state income tax on the funds you receive. However, interest is not deductible until you pay it back.
What happens to a reverse mortgage if I move out of Augusta Maine?
If you move out of your home for more than 12 consecutive months, the loan becomes due. This includes moving to a nursing home or assisted living facility. You or your heirs must then repay the loan, typically by selling the home.