A reverse mortgage specialist in Hampden Maine helps homeowners aged 62 and older convert part of their home equity into tax free funds. Maine law requires borrowers to receive independent counseling from a HUD approved agency before applying for a Home Equity Conversion Mortgage or HECM. This service is available to residents of Hampden and surrounding Penobscot County communities.
What Does a Reverse Mortgage Specialist in Hampden Cost?
Typical costs for a reverse mortgage specialist in Maine include an origination fee of up to 2 percent of the homes value with a cap of 6000 dollars. Third party costs such as appraisal title search and recording fees usually range from 2000 to 5000 dollars. Counseling fees are typically 125 to 250 dollars but may be waived by some agencies. Annual mortgage insurance premiums are 0.5 percent of the loan balance. Note that 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.
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Reverse Mortgage Specialists in Other Maine Cities
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