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Showing 3 reverse mortgage specialists in Monroe, NC
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Whitley Mortgage Associates Inc
121 E Phifer St A, Monroe, NC 28110
(704) 283-9465
whitleymortgage.com
What Does a Reverse Mortgage Specialist in Monroe Cost?
Typical costs for a reverse mortgage in North Carolina include an origination fee of 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. These fees total between 5,000 and 15,000 dollars depending on the home value. Costs are often 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 are the age requirements for a reverse mortgage in Monroe North Carolina?
Borrowers must be at least 62 years old. If married, the younger spouse must also be 62 to be listed on the loan. North Carolina law follows federal HUD guidelines for age eligibility.
Do I need counseling before getting a reverse mortgage in North Carolina?
Yes. North Carolina requires all borrowers to complete a HUD approved counseling session before applying. The counselor explains loan terms, costs, and alternatives. This session typically costs around 125 dollars.
What happens to the loan when I move or pass away in North Carolina?
The loan becomes due when the last borrower permanently leaves the home or passes away. Heirs have 30 days to decide to pay off the loan or sell the home. North Carolina law provides a 6 month extension if needed.