A reverse mortgage specialist in Providence, Rhode Island can help you understand the Home Equity Conversion Mortgage (HECM) program. Rhode Island law requires all reverse mortgage originators to provide a list of local housing counseling agencies before you apply. This service is designed for homeowners aged 62 and older who want to convert home equity into cash without selling their property.
What Does a Reverse Mortgage Specialist in Providence Cost?
Typical costs for a reverse mortgage specialist in Rhode Island include an origination fee of up to 2 percent of the home value, mortgage insurance premiums (2 percent upfront and 0.5 percent annually), and third-party closing costs such as appraisal and title fees. Total closing costs in Providence usually range from 5,000 to 12,000 dollars depending on the home value and loan type. This is general information and does not constitute 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
Reverse Mortgage Specialists in Other Rhode Island Cities
Bristol · Coventry · Cranston · Cumberland · East Greenwich · East Providence · Greenville · Johnston · Lincoln · Middletown · Narragansett · Newport · North Smithfield · Pawtucket · Rumford