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Showing 2 reverse mortgage specialists in Portland, 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.
Mortgage Lender Portland TX
1500 Wildcat Dr, Portland, TX 78374
3612087860
Team Terry
1702 Hwy 181 N Suite A-10, Portland, TX 78374
3612154900
What Does a Reverse Mortgage Specialist in Portland Cost?
Typical costs for a reverse mortgage specialist in Texas 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 and title search. Total closing costs often range from 2,000 to 6,000 dollars. Costs vary by lender and loan type. 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.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Portland Texas?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence. Texas law requires you to attend a counseling session with a HUD-approved counselor before you can apply.
How does a reverse mortgage affect my property taxes in Texas?
You must continue to pay property taxes and homeowners insurance. In Texas, failure to pay property taxes can lead to foreclosure. The reverse mortgage specialist will help you understand how to set aside funds for these costs.
Can I get a reverse mortgage on a manufactured home in Portland Texas?
Yes, if the manufactured home meets HUD requirements and is permanently affixed to land you own. The home must also be your primary residence. Texas law has specific rules about manufactured homes, so a specialist can confirm eligibility.