Compare Reverse Mortgage Specialists in Alexandria, VA
Browse reverse mortgage specialists serving Alexandria, Virginia. Contact information and addresses listed below.
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 Virginia before hiring.
Showing 5 reverse mortgage specialists in Alexandria, VA
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A reverse mortgage specialist in Alexandria Virginia helps homeowners aged 62 and older convert home equity into tax-free funds. Virginia law requires all borrowers to complete a HUD-approved counseling session before applying for a Home Equity Conversion Mortgage HECM. Alexandria residents can use these funds for home repairs medical expenses or supplementing retirement income while remaining in their homes.
What Does a Reverse Mortgage Specialist in Alexandria Cost?
Typical costs for a reverse mortgage specialist in Virginia include an origination fee of up to 2 percent of the home value capped at 6000 dollars. Third-party costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. The HUD counseling fee is usually 125 to 250 dollars. All costs can be financed into the loan. 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 Alexandria Virginia?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and meet FHA property standards. Virginia does not have additional state-specific eligibility rules beyond federal HECM requirements.
Is reverse mortgage counseling required in Virginia?
Yes Virginia law mandates that all reverse mortgage applicants complete a counseling session with a HUD-approved counselor before submitting a loan application. The session must occur at least 30 days before closing. This rule applies to all borrowers in Alexandria and throughout the state.
Can a reverse mortgage be foreclosed in Virginia?
Yes if the borrower fails to pay property taxes homeowners insurance or maintain the home the lender can initiate foreclosure. Virginia law provides a 30-day right to cure period after a default notice. Borrowers should understand these obligations to avoid losing their home.