Compare Reverse Mortgage Specialists in Harrisonburg, VA
Directory of reverse mortgage specialists in Harrisonburg, Virginia. Verify credentials with the state state mortgage licensing authority before hiring.
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 14 reverse mortgage specialists in Harrisonburg, 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.
Reverse mortgage specialists in Harrisonburg Virginia help homeowners aged 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). Specialists guide clients through the process including loan terms and repayment obligations.
What Does a Reverse Mortgage Specialist in Harrisonburg Cost?
Typical costs for a reverse mortgage in Virginia include an origination fee up to 2 percent of the home value capped at 6000 dollars, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal title and recording. Total closing costs often range from 3000 to 8000 dollars depending on the home value and lender. These costs can be 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 Harrisonburg Virginia?
Borrowers must be at least 62 years old. For married couples both spouses must meet the age requirement unless one spouse is a non-borrowing spouse. Virginia law follows federal HUD guidelines for age and eligibility.
Do I need counseling to get a reverse mortgage in Virginia?
Yes Virginia requires all borrowers to complete a counseling session with a HUD-approved counselor before applying. The session covers loan costs alternatives and financial implications. Counselors provide a certificate that lenders must receive before processing the loan.
What property types qualify for a reverse mortgage in Harrisonburg?
Qualifying properties include single-family homes HUD-approved condominiums and manufactured homes that meet FHA standards. The property must be the borrower's primary residence. Virginia does not have additional property restrictions beyond federal HUD requirements.