Reverse Mortgage Specialists in Williamsburg, VA
Directory of reverse mortgage specialists in Williamsburg, 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 14 reverse mortgage specialists in Williamsburg, 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.
What Does a Reverse Mortgage Specialist in Williamsburg Cost?
In Virginia a reverse mortgage specialist typically charges an origination fee of up to 2 percent of the home value or a maximum of 6000 dollars. Other costs include a mortgage insurance premium of 2 percent of the home value and third-party fees for appraisal title and recording which can range from 1000 to 3000 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 qualifications must a reverse mortgage specialist have in Virginia?
In Virginia a reverse mortgage specialist must hold a valid mortgage lender license from the Virginia State Corporation Commission. They should also have experience with HECM loans and understand Virginia property tax deferral programs for seniors.
Are there specific Virginia laws that affect reverse mortgages?
Yes Virginia Code Section 6.2-1700 requires all reverse mortgage lenders to be licensed. Borrowers must also complete a counseling session with a HUD-approved agency. Virginia does not allow lenders to require the purchase of other financial products with a reverse mortgage.
How does a reverse mortgage work for Williamsburg homeowners?
A reverse mortgage allows Williamsburg homeowners aged 62 or older to convert part of their home equity into cash. The loan is repaid when the homeowner sells the home moves out permanently or passes away. The borrower must continue to pay property taxes and homeowners insurance.