Find Reverse Mortgage Specialists in Galveston, TX
Looking for a reverse mortgage specialist in Galveston? Review the directory below to compare your options.
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 Texas before hiring.
Showing 10 reverse mortgage specialists in Galveston, TX
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
What Does a Reverse Mortgage Specialist in Galveston Cost?
In Texas reverse mortgage specialists typically charge an origination fee of up to 2 percent of the home value with a maximum of 6000 dollars. Additional costs include a 2 percent upfront mortgage insurance premium a 0.5 percent annual premium appraisal fees (300 to 600 dollars) title insurance (500 to 1500 dollars) and counseling fees (125 to 250 dollars). Total closing costs for a Galveston reverse mortgage generally range from 3000 to 8000 dollars. 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 eligibility requirements for a reverse mortgage in Galveston Texas?
You must be at least 62 years old own your home outright or have a low mortgage balance and live in the property as your primary residence. Texas law also requires you to attend a HUD-approved counseling session before applying.
How does a Texas reverse mortgage differ from other states?
Texas has specific homestead protections that limit the amount of equity you can access. The maximum claim amount for a HECM in Texas is the appraised value of the home or the FHA lending limit whichever is lower. Texas law also prohibits using reverse mortgage funds for certain speculative investments.
What costs are associated with a reverse mortgage specialist in Galveston?
Typical costs include an origination fee (up to 2 percent of the home value capped at 6000 dollars) a mortgage insurance premium (2 percent of the appraised value upfront plus 0.5 percent annually) and third-party fees for appraisal title and counseling. Total closing costs usually range from 2000 to 8000 dollars.