Find Reverse Mortgage Specialists in Powell, OH
Browse reverse mortgage specialists serving Powell, 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 6 reverse mortgage specialists in Powell, OH
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A reverse mortgage specialist in Powell, Ohio can help homeowners aged 62 and older access home equity without monthly payments. Ohio law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage. Specialists in Powell guide clients through this process and explain how the loan affects property taxes and estate planning.
What Does a Reverse Mortgage Specialist in Powell Cost?
Typical costs for a reverse mortgage in Ohio 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 for appraisal, title search, and recording. Total closing costs often range from 5,000 to 10,000 dollars. These costs can be financed into the loan amount. 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 eligibility requirements for a reverse mortgage in Powell Ohio?
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. Ohio law also requires completion of a counseling session with a HUD-approved agency.
How does a reverse mortgage affect my property taxes in Ohio?
You must continue to pay property taxes and homeowners insurance. If you fail to pay taxes or maintain the home, the loan can become due. Ohio offers property tax deferral programs for seniors, but a reverse mortgage does not automatically qualify you for those.
Can I lose my home with a reverse mortgage in Ohio?
Yes, if you do not pay property taxes, maintain homeowners insurance, or keep the home in good repair. The loan also becomes due if you move out or sell the home. Ohio law provides a 60-day cure period after a default notice before foreclosure can begin.