Compare Reverse Mortgage Specialists in Reston, VA
Directory of reverse mortgage specialists in Reston, Virginia. Verify credentials with the state state mortgage licensing authority before hiring.
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
State Mortgage Licensing Authority of Virginia before hiring.
Showing 11 reverse mortgage specialists in Reston, VA
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Reverse mortgage specialists in Reston Virginia help homeowners aged 62 and older convert home equity into tax-free funds. Virginia law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage HECM. Specialists in Reston guide clients through this process including the mandatory counseling session and loan terms.
What Does a Reverse Mortgage Specialist in Reston Cost?
Typical costs for a reverse mortgage in Virginia include an origination fee up to 2 percent of the home value capped at 6000 dollars. Closing costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. The mandatory counseling session costs about 125 dollars. These costs can be financed into the loan. 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 requirements for a reverse mortgage in Reston Virginia?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence. Virginia law also requires completion of a HUD-approved counseling session before the loan can proceed.
How does Virginia law affect reverse mortgage terms?
Virginia follows federal HECM guidelines but also requires lenders to provide a detailed disclosure statement. The state does not impose additional waiting periods beyond federal rules. Borrowers retain ownership and must pay property taxes and insurance.
Can I use a reverse mortgage to buy a home in Reston?
Yes a HECM for Purchase program allows seniors to buy a new primary residence in Reston using a reverse mortgage. The borrower must pay the difference between the purchase price and the loan amount from their own funds.