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 3 reverse mortgage specialists in Shelby, 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.
Edward Jones - Financial Advisor: Troy A Baker
19 W Main St, Shelby, OH 44875
4193474312
Civista Bank Mortgage
156 Mansfield Ave, Shelby, OH 44875
4193421610
US Bank Mortgage
85 W Main St, Shelby, OH 44875
4193472111
What Does a Reverse Mortgage Specialist in Shelby Cost?
Typical costs for a reverse mortgage specialist in Ohio 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 $3,000 to $8,000. These costs can be financed 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 age requirements for a reverse mortgage in Shelby Ohio?
You must be at least 62 years old to qualify for a reverse mortgage in Ohio. All borrowers listed on the title must meet this age requirement. The specialist will verify your age during the application process.
Do I need to own my home free and clear to get a reverse mortgage in Shelby?
No, you do not need to own your home free and clear. You can use the reverse mortgage to pay off any existing mortgage balance. The amount you can borrow depends on your age, home value, and current interest rates.
Are reverse mortgage proceeds taxable in Ohio?
No, reverse mortgage proceeds are not considered taxable income by the IRS or the state of Ohio. However, the loan must be repaid when you sell the home, move out permanently, or pass away. Interest on the loan is not deductible until the loan is paid off.