Find Reverse Mortgage Specialists Near You in Norfolk, VA
Compare reverse mortgage specialists in Norfolk. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Virginia before hiring.
Showing 12 reverse mortgage specialists in Norfolk, VA
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A reverse mortgage specialist in Norfolk Virginia helps homeowners aged 62 and older access home equity without monthly payments. Virginia law requires mandatory counseling from a HUD-approved agency before you can apply. These specialists guide you through the process and explain how a reverse mortgage affects your property taxes and heirs in Norfolk.
What Does a Reverse Mortgage Specialist in Norfolk Cost?
Typical costs for a reverse mortgage in Virginia include an origination fee of up to 2 percent of the home value, an upfront mortgage insurance premium of 2 percent of the appraised value, and third-party fees such as appraisal and title search. These fees can range from 3000 to 8000 dollars depending on the loan amount and property value. Costs vary by case and lender. 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 and occupancy requirements for a reverse mortgage in Norfolk Virginia?
You must be at least 62 years old and the home must be your primary residence. Virginia law requires that you live in the home for most of the year. Second homes and investment properties do not qualify.
Do I need counseling before getting a reverse mortgage in Virginia?
Yes, Virginia requires mandatory counseling from a HUD-approved reverse mortgage counselor. This session must be completed before you can submit a loan application. The counselor will explain the loan terms, costs, and alternatives.
Can a reverse mortgage affect my Virginia homestead tax exemption?
Yes, a reverse mortgage can change how your property tax exemption works. In Norfolk, the city offers a homestead tax exemption for seniors, but the reverse mortgage lender may require you to keep current on property taxes. Consult a tax professional for your specific situation.