A reverse mortgage specialist in Annandale Virginia helps homeowners aged 62 and older convert home equity into tax-free funds without monthly payments. Virginia law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage HECM. Annandale residents can use these funds for home repairs medical expenses or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Annandale Cost?
Typical costs for a reverse mortgage in Virginia include an origination fee up to 6,000 dollars a mortgage insurance premium of 2 percent of the home value and third-party fees like appraisal title and recording costs ranging from 1,500 to 4,000 dollars. Virginia also charges a state recordation tax of 1 dollar per 100 dollars of the loan amount. Costs vary by case and loan type. 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.
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Reverse Mortgage Specialists in Other Virginia Cities
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