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Showing 2 reverse mortgage specialists in Manhattan Beach, CA
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Maloney Capital
952 Manhattan Beach Blvd # 160, Manhattan Beach, CA 90266
3105464777
First Manhattan Mortgage and Realtors
1147 Highland Ave, Manhattan Beach, CA 90266
3105458300
What Does a Reverse Mortgage Specialist in Manhattan Beach Cost?
Typical costs for a reverse mortgage in California include an origination fee of up to 2% of the home value (capped at $6,000), a mortgage insurance premium of 2% of the appraised value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from $8,000 to $15,000. These costs can be financed into the loan, but that increases the total amount borrowed. 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 Manhattan Beach?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence. California law requires a financial assessment and mandatory counseling from a HUD-approved counselor before you can proceed.
How does California law affect reverse mortgage proceeds?
California law protects borrowers by requiring lenders to clearly disclose loan terms and costs. Proceeds from a reverse mortgage are generally tax-free and do not affect Social Security or Medicare benefits. However, they may impact need-based programs like Medi-Cal.