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Showing 2 reverse mortgage specialists in Red Oak, TX
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Trinity Oaks Mortgage
421 Century Way #100, Red Oak, TX 75154
4695054663
Supreme Lending- The Statewide Group
200 N Interstate 35 E Rd, Red Oak, TX 75154
4694374366
What Does a Reverse Mortgage Specialist in Red Oak Cost?
Typical costs for a reverse mortgage specialist in Texas include an origination fee of up to 2% of the first $200,000 of the home value plus 1% of the amount over $200,000. Third-party costs such as appraisal, title search, and recording fees can range from $1,500 to $4,000. Mortgage insurance premiums are 2% of the appraised value upfront plus 0.5% annually. These costs vary by loan type and property value. 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 requirements for a reverse mortgage in Red Oak Texas?
Borrowers must be at least 62 years old. If married, the younger spouse must also meet the age requirement unless the loan is in the older spouse name only. Texas law requires that all borrowers listed on the title be at least 62.
Do I need to own my home free and clear to get a reverse mortgage in Red Oak?
No, you do not need to own your home free and clear. You must have enough equity to pay off any existing mortgage with the reverse loan proceeds. Texas law also requires that the home be your primary residence.
What type of counseling is required for a reverse mortgage in Texas?
Texas law requires that all borrowers complete a counseling session with a HUD-approved counselor before applying. The session covers loan terms, costs, and alternatives. The counselor must be independent from the lender.