A reverse mortgage specialist in Rumford, Rhode Island can help homeowners aged 62 and older access home equity without selling their property. Rhode Island law requires borrowers to receive counseling from a HUD-approved agency before obtaining a Home Equity Conversion Mortgage (HECM). Local specialists understand Rumfords real estate market and can explain how a reverse mortgage may affect your estate and heirs.
What Does a Reverse Mortgage Specialist in Rumford Cost?
Typical costs for a reverse mortgage specialist in Rhode Island include an origination fee of up to 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above 200,000 dollars. Other costs include an appraisal fee of 400 to 600 dollars, a counseling fee of about 125 dollars, and closing costs of 2,000 to 5,000 dollars. These figures are estimates and may vary based on loan type and lender. This information is general 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.
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Reverse Mortgage Specialists in Other Rhode Island Cities
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