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Showing 2 reverse mortgage specialists in Vinton, 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.
ALCOVA Mortgage | Vinton, VA
1028 E Washington Ave, Vinton, VA 24179
5406914004
Will Blaylock - Alcova Mortgage - NMLS #1642964
1028 E Washington Ave, Vinton, VA 24179
5403398569
What Does a Reverse Mortgage Specialist in Vinton 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), 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 $2,000 to $8,000 depending on the home value and lender. 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 age requirements for a reverse mortgage in Vinton Virginia?
Borrowers must be at least 62 years old. If there are co-borrowers, the youngest must meet this age requirement. This follows federal HECM rules that apply in Virginia.
Do I need counseling before getting a reverse mortgage in Virginia?
Yes, Virginia law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. This session covers loan terms, costs, and alternatives. You must receive a counseling certificate before your application can proceed.
Can I lose my home with a reverse mortgage in Vinton Virginia?
You can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. Virginia law also requires you to keep the home as your primary residence. Defaulting on these obligations can trigger foreclosure.