Find Reverse Mortgage Specialists in Brandon, MS
Compare reverse mortgage specialists in Brandon. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Mississippi before hiring.
Showing 12 reverse mortgage specialists in Brandon, MS
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A reverse mortgage specialist in Brandon, Mississippi helps homeowners aged 62 and older convert part of their home equity into cash without selling the home. Mississippi law requires borrowers to complete a counseling session with a HUD approved counselor before obtaining a reverse mortgage. These specialists guide clients through the process, including understanding loan terms and repayment obligations.
What Does a Reverse Mortgage Specialist in Brandon Cost?
Typical costs for a reverse mortgage specialist in Mississippi include an origination fee up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third party fees such as appraisal and title search. Total closing costs often range from 2,000 to 6,000 dollars depending on the home value and loan type. These costs can be financed into the loan. 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 age and eligibility requirements for a reverse mortgage in Brandon Mississippi?
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 and meet HUD property standards. Mississippi does not have additional state specific age requirements beyond the federal minimum.
Do I have to pay property taxes and insurance with a reverse mortgage in Mississippi?
Yes, you must continue to pay property taxes, homeowners insurance, and maintain the home. Failure to do so can lead to loan default and possible foreclosure. Mississippi law does not waive these obligations for reverse mortgage borrowers.
Can I get a reverse mortgage on a manufactured home in Brandon Mississippi?
Yes, manufactured homes that meet HUD guidelines and are permanently affixed to a foundation may qualify. The home must be on land you own or have a long term lease. Mississippi has specific rules for titling manufactured homes that your specialist can explain.