Find Reverse Mortgage Specialists in Medina, OH
Browse reverse mortgage specialists serving Medina, Ohio. Contact information and addresses listed below.
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 Ohio before hiring.
Showing 18 reverse mortgage specialists in Medina, OH
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
A reverse mortgage specialist in Medina Ohio helps homeowners aged 62 and older convert home equity into cash. Ohio law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage. Specialists in Medina can explain how property taxes and insurance obligations continue under Ohio rules.
What Does a Reverse Mortgage Specialist in Medina Cost?
Typical costs for a reverse mortgage in Ohio include an origination fee up to 6000 dollars a mortgage insurance premium of 2 percent of the appraised value and third party fees for appraisal title and recording. Total closing costs often range from 3000 to 8000 dollars. These costs can be financed into the loan amount. 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 requirements for a reverse mortgage in Ohio?
You must be at least 62 years old to qualify for a Home Equity Conversion Mortgage in Ohio. All borrowers listed on the title must meet this age requirement. Exceptions do not apply under current Ohio law.
Do I need counseling for a reverse mortgage in Medina Ohio?
Yes Ohio law requires you to complete a counseling session with a HUD-approved counselor before applying. This session explains the loan terms costs and alternatives. The counselor must be independent from the lender.
Can I lose my home with a reverse mortgage in Ohio?
Yes you can lose your home if you fail to pay property taxes or homeowners insurance or if you do not maintain the property. Ohio law allows lenders to foreclose if these obligations are not met. The loan becomes due when you move out or pass away.