Compare Reverse Mortgage Specialists in Magnolia, TX
Compare reverse mortgage specialists in Magnolia. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Texas before hiring.
Showing 12 reverse mortgage specialists in Magnolia, TX
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A reverse mortgage specialist in Magnolia Texas can help homeowners aged 62 and older access home equity without monthly payments. Texas law requires borrowers to complete a counseling session with a HUD-approved counselor before applying. These specialists guide clients through the unique rules of Texas Property Code Chapter 32 which governs reverse mortgages in the state.
What Does a Reverse Mortgage Specialist in Magnolia Cost?
Typical costs for a reverse mortgage in Texas include an origination fee up to 2 percent of the home value or $6,000 whichever is less. Other costs include a mortgage insurance premium of 2 percent of the appraised value plus annual premiums of 0.5 percent. Appraisal fees range from $400 to $800 and closing costs vary from $2,000 to $5,000. Total costs can range from $8,000 to $15,000 depending on the 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 are the age requirements for a reverse mortgage in Magnolia Texas?
You must be at least 62 years old to qualify for a reverse mortgage in Texas. All borrowers listed on the title must meet this age requirement.
Do I need to own my home free and clear to get a reverse mortgage in Texas?
No, you do not need to own your home free and clear. However you must have significant equity in the property. Existing mortgages or liens will be paid off from the loan proceeds at closing.