A reverse mortgage specialist in Manassas Virginia helps homeowners aged 62 and older convert home equity into tax-free funds without selling their property. Virginia law requires borrowers to complete a HUD-approved counseling session before applying for a Home Equity Conversion Mortgage HECM. Manassas residents can use these funds for home repairs medical expenses or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Manassas Cost?
Typical costs for a reverse mortgage specialist 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 costs such as appraisal title search and recording fees range from 2000 to 5000. The upfront mortgage insurance premium is 2 percent of the appraised value and annual premiums are 0.5 percent. 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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Reverse Mortgage Specialists in Other Virginia Cities
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