Find Reverse Mortgage Specialists in Anna, TX
Compare reverse mortgage specialists in Anna. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Texas before hiring.
Showing 2 reverse mortgage specialists in Anna, TX
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A reverse mortgage specialist in Anna, Texas can help homeowners aged 62 and older convert home equity into tax-free funds. Texas law requires borrowers to complete HUD-approved counseling before applying. Specialists guide clients through the process, including understanding loan terms and repayment rules.
What Does a Reverse Mortgage Specialist in Anna Cost?
Typical costs for a reverse mortgage specialist in Texas include an origination fee of up to 2 percent of the first 200,000 dollars of the home value and 1 percent of the amount above that. Other costs include an appraisal fee of 400 to 600 dollars, a credit report fee, and mortgage insurance premiums. Total closing costs usually range from 2,000 to 5,000 dollars, but this varies by loan amount and property value. 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 is a reverse mortgage specialist in Anna Texas?
A reverse mortgage specialist is a licensed professional who helps homeowners in Anna, Texas understand and apply for reverse mortgages. They explain Texas-specific rules, such as the mandatory counseling requirement and the 12-month seasoning rule for new homes.
Who is eligible for a reverse mortgage in Texas?
Eligibility requires the borrower to be at least 62 years old and own a home with sufficient equity. The home must be the primary residence. Texas law also requires that the borrower has not filed for bankruptcy within the past two years.