Reverse Mortgage Specialists in Fairfax, VA
Looking for a reverse mortgage specialist in Fairfax? Review the directory below to compare your options.
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 20 reverse mortgage specialists in Fairfax, VA
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
A reverse mortgage specialist in Fairfax Virginia helps homeowners aged 62 and older access home equity without monthly mortgage payments. Virginia law requires all reverse mortgage loan originators to be licensed and to complete a mandatory counseling session with a HUD approved counselor. Fairfax County offers several local housing counseling agencies that can assist with this requirement.
What Does a Reverse Mortgage Specialist in Fairfax Cost?
Typical costs for a reverse mortgage specialist in Fairfax Virginia include an origination fee of up to 6000 dollars, a mortgage insurance premium of 2 percent of the home value, and third party fees for appraisal and title work. Closing costs generally range from 3000 to 8000 dollars. These costs are usually financed into the loan. This is general information 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 age requirements for a reverse mortgage in Fairfax Virginia?
You must be at least 62 years old to qualify for a Home Equity Conversion Mortgage (HECM) in Fairfax Virginia. All borrowers on the title must meet this age requirement. The property must be your primary residence.
Is a reverse mortgage counseling session required in Virginia?
Yes, Virginia law requires all reverse mortgage applicants to complete a counseling session with a HUD approved housing counselor. This session must occur before you can submit a loan application. The counselor will explain the costs, benefits, and alternatives to a reverse mortgage.
Can a reverse mortgage be foreclosed in Fairfax Virginia?
Yes, a reverse mortgage can be foreclosed if you fail to pay property taxes, homeowners insurance, or maintain the property. Virginia law provides a specific timeline for the lender to initiate foreclosure. You have the right to cure the default by paying the amounts due before the foreclosure sale.