Reverse Mortgage Specialists in Matthews, NC
Compare reverse mortgage specialists in Matthews. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of North Carolina before hiring.
Showing 13 reverse mortgage specialists in Matthews, NC
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A reverse mortgage specialist in Matthews, North Carolina helps homeowners aged 62 and older convert part of their home equity into loan proceeds. North Carolina law requires borrowers to receive counseling from a HUD-approved agency before closing on a Home Equity Conversion Mortgage (HECM). Matthews residents can use these funds for home repairs, medical expenses, or supplementing retirement income while continuing to own their home.
What Does a Reverse Mortgage Specialist in Matthews Cost?
Typical costs for a reverse mortgage in North Carolina include an origination fee of up to 2 percent of the home value (capped at 6,000 dollars), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from 8,000 to 15,000 dollars, but these can be financed into the loan. Costs vary by lender and loan type. 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 are the age requirements for a reverse mortgage in Matthews North Carolina?
Borrowers must be at least 62 years old. If there are two borrowers on the title, the youngest borrower must meet this age requirement. North Carolina follows federal HECM guidelines for age eligibility.
Do I need to own my home free and clear to qualify for a reverse mortgage in Matthews?
No, you do not need to own your home free and clear. However, any existing mortgage or lien must be paid off with the reverse mortgage proceeds at closing. The home must be your primary residence.
What types of homes are eligible for a reverse mortgage in Matthews North Carolina?
Eligible properties include single-family homes, HUD-approved condominiums, and manufactured homes that meet FHA standards. The home must be in good condition and pass an FHA appraisal. Two-to-four unit properties are also eligible if the borrower occupies one unit.