Compare Reverse Mortgage Specialists in Durham, NC
Compare reverse mortgage specialists in Durham. Review contact information and insurance categorys before you decide.
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
State Mortgage Licensing Authority of North Carolina before hiring.
Showing 15 reverse mortgage specialists in Durham, NC
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Reverse mortgage specialists in Durham North Carolina help homeowners aged 62 and older convert home equity into loan proceeds. These specialists must follow North Carolina law which requires a mandatory counseling session with a HUD approved counselor before a loan can close. Specialists also explain how the loan affects property taxes and insurance requirements in Durham.
What Does a Reverse Mortgage Specialist in Durham Cost?
Typical costs for a reverse mortgage in North Carolina include an origination fee of up to 2 percent of the first 200000 of home value plus 1 percent of the amount over 200000. Third party costs such as appraisal title and recording fees can range from 2000 to 5000. The mandatory HUD counseling session costs about 125 to 250. These costs are usually financed into the loan. 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.
Frequently Asked Questions
What is a reverse mortgage specialist in Durham?
A reverse mortgage specialist is a licensed professional who helps seniors in Durham understand and apply for reverse mortgage loans. They guide clients through the process including the mandatory HUD counseling session required by North Carolina law.
Do I need to own my home free and clear to get a reverse mortgage in Durham?
No you do not need to own the home free and clear. You must have significant equity in the home. The loan pays off any existing mortgage first and you receive the remaining funds.
Are reverse mortgage proceeds taxable in North Carolina?
Reverse mortgage proceeds are generally not considered taxable income by the IRS or the state of North Carolina. However you should consult a tax professional for your specific situation.