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 8 reverse mortgage specialists in Waterville, 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.
Coldwell Banker Plourde Real Estate
143 Silver St, Waterville, ME 04901
2078727650
Bangor Savings Bank
366 Main St, Waterville, ME 04901
8772264671
Edward Jones - Financial Advisor: Luke C Rodrigue
295 Kennedy Memorial Dr Suite 5, Waterville, ME 04901
2078724510
Choice Wealth Advisors
325D Kennedy Memorial Dr, Waterville, ME 04901
2078730996
Four Seasons Financial
10 Water St Unit 113c, Waterville, ME 04901
2076604506
Fischer Financial Services
315 Main St, Waterville, ME 04901
2078737654
KFS Mortgage Company
226 Main St, Waterville, ME 04901
2078735153
Prime Financial Inc.
753 W River Rd, Waterville, ME 04901
2078779450
What Does a Reverse Mortgage Specialist in Waterville Cost?
Typical costs for a reverse mortgage in Maine include an origination fee up to 2% of the home value, a mortgage insurance premium of 2% of the appraised value, and third party fees such as appraisal and title search. Total closing costs often range from 5,000 to 10,000 dollars depending on home value and lender. These costs are usually financed into the loan rather than paid upfront. 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 are the eligibility requirements for a reverse mortgage in Waterville Maine?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be your primary residence and meet FHA property standards. Maine law does not add extra age or income requirements beyond federal rules.
Do I need counseling before getting a reverse mortgage in Maine?
Yes. Maine law requires all reverse mortgage applicants to complete counseling with a HUD approved counselor. The session must happen at least 7 days before you can sign the loan application. This rule protects borrowers by ensuring they understand the loan terms.
Are reverse mortgage proceeds taxable in Maine?
Loan proceeds from a reverse mortgage are not considered income for federal or Maine state tax purposes. However, interest is not deductible until you pay it back. Consult a tax professional for your specific situation.