A reverse mortgage specialist in Kensington, Maryland can help homeowners aged 62 and older access home equity without monthly payments. Maryland law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage (HECM). Working with a local specialist ensures you understand state-specific rules and property tax deferral options available in Montgomery County.
What Does a Reverse Mortgage Specialist in Kensington Cost?
Typical costs for a reverse mortgage specialist in Maryland include an origination fee of up to 2 percent of the first 200,000 dollars of the home value plus 1 percent of the amount above 200,000 dollars. Third-party fees such as appraisal, title search, and recording fees usually range from 1,500 to 4,000 dollars. HUD mortgage insurance premiums include an upfront fee of 2 percent of the appraised value and an annual premium of 0.5 percent of the loan balance. Costs vary by lender and property value. 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.
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