Find Reverse Mortgage Specialists Near You in Falmouth, ME
Directory of reverse mortgage specialists in Falmouth, Maine. 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 Maine before hiring.
Showing 14 reverse mortgage specialists in Falmouth, 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.
What Does a Reverse Mortgage Specialist in Falmouth Cost?
Typical costs for a reverse mortgage in Maine include an origination fee up to 2 percent of the home value (capped at 6 thousand dollars), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees such as appraisal and title search (usually 500 to 1500 dollars). Annual mortgage insurance premiums are 0.5 percent of the loan balance. These costs can be financed into the loan. 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 Falmouth Maine?
Borrowers must be at least 62 years old. If married, the younger spouse must also meet this age requirement for certain loan types. Maine law follows federal HUD guidelines for age eligibility.
Do I need to own my home free and clear to get a reverse mortgage in Falmouth?
No, you can have an existing mortgage. The reverse mortgage will pay off your current loan. You must have sufficient equity in your home to qualify.
What counseling is required for a reverse mortgage in Maine?
Maine law mandates that all borrowers complete a counseling session with a HUD-approved agency. This session explains loan terms costs and alternatives. The counselor must be independent from the lender.