A reverse mortgage specialist in Chantilly Virginia helps homeowners age 62 and older convert home equity into tax-free funds. Virginia law requires borrowers to complete a HUD-approved counseling session before applying for a Home Equity Conversion Mortgage HECM. Chantilly residents often use these loans to supplement retirement income or cover medical expenses while remaining in their homes.
What Does a Reverse Mortgage Specialist in Chantilly Cost?
Typical costs for a reverse mortgage in Virginia include an origination fee of up to 2 percent of the first 200000 of home value plus 1 percent of the amount above 200000. Third-party fees such as appraisal title insurance and recording fees usually range from 2000 to 5000. Counseling fees are capped at 125 in Virginia. These 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.
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