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 North Carolina before hiring.
Showing 5 reverse mortgage specialists in Garner, NC
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Carolina Home Loans of NC, LLC
245 New Fidelity Ct #205, Garner, NC 27529
(919) 661-2080
nocosthomeloan.com
Equity Builder Mortgage, LLC
1005 Vandora Springs Rd, Garner, NC 27529
(984) 206-1227
equitybuildermtg.com
Dawn Turrone | Fairway Independent Mortgage Corporation Loan Officer
79 Glen Rd, Garner, NC 27529
(919) 243-0932
dawnturroneloans.com
What Does a Reverse Mortgage Specialist in Garner Cost?
In North Carolina, the cost to work with a reverse mortgage specialist typically includes an origination fee capped at $6,000 for HECM loans, a 2% upfront mortgage insurance premium, and an annual premium of 0.5% of the loan balance. Appraisal fees range from $400 to $800, and title insurance and recording fees add several hundred dollars more. Many borrowers choose to roll these costs into the loan amount. 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 eligibility requirements for a reverse mortgage in Garner North Carolina?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence and meet HUD property standards. North Carolina law also requires that you receive HUD-approved counseling before the loan can proceed.
How does North Carolina law affect reverse mortgage proceeds?
North Carolina does not tax reverse mortgage loan proceeds as income. The loan becomes due when the last borrower moves out, sells the home, or passes away. Heirs have 30 days to decide whether to pay off the loan or sell the property, with possible extensions from the lender.
What costs are involved with a reverse mortgage specialist in Garner?
Typical costs include an origination fee (up to $6,000 for HECM loans), a mortgage insurance premium (2% of the home value upfront plus 0.5% annually), appraisal fees ($400 to $800), and closing costs. These fees can be financed into the loan so you pay little or nothing out of pocket.