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 Ohio before hiring.
Showing 6 reverse mortgage specialists in Parma, OH
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Third Federal Savings & Loan
1616 Snow Rd, Parma, OH 44134
2166618431
Third Federal Savings & Loan
5950 Ridge Rd, Parma, OH 44129
4408854900
US Bank Mortgage
8036 Day Dr, Parma, OH 44129
4408423766
Matthew Wisniewski Motto Mortgage Full Circle
5581 Ridge Rd ste 101, Parma, OH 44129
3302410246
Fifth Third Mortgage - Patrick Godfray
7414 Broadview Rd, Parma, OH 44134
2168706617
Motto Mortgage Full Circle
5581 Ridge Rd ste 101, Parma, OH 44129
4406663405
What Does a Reverse Mortgage Specialist in Parma Cost?
Typical costs for a reverse mortgage specialist in Ohio include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal, title search, and recording. These costs often total 5,000 to 10,000 dollars for a 200,000 dollar home. Costs vary by loan type 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 and home requirements for a reverse mortgage in Parma Ohio?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the primary residence and meet HUD minimum property standards. Ohio law does not add extra age or occupancy rules beyond federal HECM requirements.
Do I need counseling before getting a reverse mortgage in Ohio?
Yes, Ohio law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. This session covers loan costs, alternatives, and obligations. The counselor must be independent from the lender to ensure unbiased advice.
What happens to the reverse mortgage when I pass away in Ohio?
When the last borrower dies, the loan becomes due. Heirs can repay the loan balance or 95 percent of the home value, whichever is less, to keep the property. Ohio law gives heirs 30 days to decide and additional time to arrange financing.