Find Reverse Mortgage Specialists Near You in North Chesterfield, VA
Compare reverse mortgage specialists in North Chesterfield. Review contact information and insurance categorys before you decide.
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 3 reverse mortgage specialists in North Chesterfield, VA
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What Does a Reverse Mortgage Specialist in North Chesterfield Cost?
Typical costs for a reverse mortgage in Virginia include an origination fee of up to 2 percent of the home value (capped at 6,000 dollars), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from 5,000 to 15,000 dollars depending on the home value and loan type. 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.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in North Chesterfield Virginia?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be your primary residence and meet HUD property standards. Virginia law does not impose additional state-level requirements beyond federal HECM rules.
Do I need counseling before getting a reverse mortgage in Virginia?
Yes, Virginia law requires all borrowers to complete a counseling session with a HUD-approved counselor before applying for a reverse mortgage. This session covers loan terms, costs, and alternatives. The counselor must be independent of the lender.
Are reverse mortgage proceeds taxable in Virginia?
Reverse mortgage proceeds are not considered income for federal or Virginia state tax purposes. However, interest on the loan is not deductible until the loan is repaid. Consult a tax professional for your specific situation.