Find Reverse Mortgage Specialists in Roanoke, VA
Browse reverse mortgage specialists serving Roanoke, Virginia. Contact information and addresses listed below.
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 20 reverse mortgage specialists in Roanoke, VA
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A reverse mortgage specialist in Roanoke Virginia helps homeowners aged 62 and older access home equity without monthly payments. Virginia law requires borrowers to complete a counseling session with a HUD approved counselor before obtaining a Home Equity Conversion Mortgage. Roanoke residents often use these loans to supplement retirement income or cover medical expenses while staying in their homes.
What Does a Reverse Mortgage Specialist in Roanoke Cost?
In Virginia reverse mortgage costs include an origination fee capped at 2500 dollars or 2 percent of the first 200000 dollars of home value plus 1 percent of the amount above 200000 dollars. Borrowers also pay a 2 percent upfront mortgage insurance premium and annual premiums of 0.5 percent of the loan balance. Third party fees for appraisal title search and recording typically add 1000 to 3000 dollars. Total closing costs in Roanoke often range from 5000 to 10000 dollars. 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 does a reverse mortgage specialist do in Roanoke?
A reverse mortgage specialist guides Roanoke homeowners through the loan process from application to closing. They explain eligibility requirements such as the mandatory HUD counseling session and the property must be the borrowers primary residence. The specialist also helps calculate loan amounts based on the homeowners age and current interest rates.
Are there Virginia specific rules for reverse mortgages?
Yes Virginia requires all reverse mortgage borrowers to complete a HUD approved counseling session before applying. The state also mandates a three day right of rescission after closing which allows borrowers to cancel the loan without penalty. These rules protect seniors from predatory lending practices.
How much does a reverse mortgage cost in Roanoke Virginia?
Typical costs include an origination fee up to 2500 dollars a mortgage insurance premium equal to 2 percent of the home value and third party fees for appraisal title and recording. Total closing costs in Virginia often range from 5000 to 10000 dollars but vary based on the property value and lender.