Reverse Mortgage Specialists in Fredericksburg, VA
Browse reverse mortgage specialists serving Fredericksburg, 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 20 reverse mortgage specialists in Fredericksburg, 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.
What Does a Reverse Mortgage Specialist in Fredericksburg Cost?
Typical costs for a reverse mortgage specialist in Virginia 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 closing costs such as appraisal and title fees. Total closing costs often range from 5,000 to 10,000 dollars, depending on the home value and loan type. These costs are usually financed into the loan rather than paid upfront. 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 Fredericksburg Virginia?
Borrowers must be at least 62 years old. If there are multiple borrowers, the youngest borrower must be 62 or older. This is a federal requirement for all FHA-insured Home Equity Conversion Mortgages.
Do I need to own my home free and clear to get a reverse mortgage in Virginia?
No, you do not need to own your home free and clear. However, any existing mortgage must be paid off with the reverse mortgage proceeds. The home must be your primary residence and meet FHA property standards.
What happens if I move out or pass away with a reverse mortgage in Virginia?
If you move out permanently or pass away, the reverse mortgage becomes due. Your heirs have 30 days to decide whether to pay off the loan or sell the home. Virginia law provides a 12-month extension for heirs to sell the property without foreclosure.