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Showing 2 reverse mortgage specialists in Mt Pleasant, 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.
The Knorr Group of ALCOVA Mortgage
1448 N Main St, Mt Pleasant, NC 28124
7044558955
The Knorr Group of ALCOVA Mortgage | Mount Pleasant, NC
1448 N Main St, Mt Pleasant, NC 28124
7044531716
What Does a Reverse Mortgage Specialist in Mt Pleasant Cost?
Typical costs for a reverse mortgage in North Carolina 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 $5,000 to $15,000. 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 does a reverse mortgage specialist do in Mt Pleasant?
A reverse mortgage specialist helps homeowners understand and apply for a Home Equity Conversion Mortgage (HECM). They explain eligibility rules, loan terms, and repayment obligations. Specialists also coordinate with HUD-approved counselors as required by North Carolina law.
Who qualifies for a reverse mortgage in North Carolina?
To qualify for a reverse mortgage in North Carolina, you must be at least 62 years old, own your home outright or have a low mortgage balance, and live in the home as your primary residence. You must also complete a HUD-approved counseling session and demonstrate financial ability to pay property taxes and insurance.
Are reverse mortgages regulated differently in North Carolina?
Yes, North Carolina has specific laws for reverse mortgages. Lenders must provide a disclosure statement at least three days before closing. Borrowers have a three-day right of rescission after signing. The state also requires that loan proceeds be used only for approved purposes like home repairs or living expenses.