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Showing 4 reverse mortgage specialists in Midlothian, TX
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What Does a Reverse Mortgage Specialist in Midlothian Cost?
Typical costs for a reverse mortgage specialist in Texas include origination fees of 0.5 to 2 percent of the loan amount and third party costs like appraisal title and recording fees ranging from 2000 to 5000 dollars. Counseling fees are usually 125 to 250 dollars but may be waived for low income borrowers. All costs are paid from loan proceeds not out of pocket. 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 in Midlothian do?
A reverse mortgage specialist explains how a home equity conversion mortgage works under Texas law. They help you understand eligibility counseling requirements and loan terms. They do not provide financial advice but can connect you with approved counselors.
Are there Texas specific rules for reverse mortgages?
Yes Texas has unique rules. The Texas Constitution limits reverse mortgage loan amounts to 80 percent of the home appraised value. Borrowers must also complete a state approved counseling session before applying.