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 Maryland before hiring.
Showing 2 reverse mortgage specialists in Ocean City, MD
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Direct Mortgage Loans - Ocean City
7408 Coastal Hwy, Ocean City, MD 21842
4437982759
Jason Cook - Mortgage Loan Officer
8008 Coastal Hwy Ste 2, Ocean City, MD 21842
4437691078
What Does a Reverse Mortgage Specialist in Ocean City Cost?
Typical costs for a reverse mortgage specialist in Maryland include an origination fee of up to 2 percent of the home value but capped at 6000 dollars. Third-party costs like appraisal title search and recording fees range from 1000 to 3000 dollars. HUD counseling costs about 125 dollars. These fees vary by lender and loan type. 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 Ocean City Maryland?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence. Maryland law does not add extra age or income requirements beyond federal rules.
Do I need to attend counseling before getting a reverse mortgage in Maryland?
Yes, Maryland requires all borrowers to complete HUD-approved reverse mortgage counseling. This session must happen before you submit a loan application. The counselor explains loan terms costs and alternatives.
Can I lose my home with a reverse mortgage in Ocean City?
You can lose your home if you fail to pay property taxes homeowners insurance or maintain the property. Maryland law gives a 30-day notice period before foreclosure starts. You must keep the home as your primary residence.