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reverse mortgages?

Who has the best /safest one?
  • March 08 2009 - US
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Answers (3)

spyglass 44,

Here's a HUD Link Below that will answer lot's of your concerns.

As stated before this post all RM are backed by FHA. So, you need not worryabout best/safe. You need to be concerned about fees.

Even since you don't pay any fees out of pocket they do go into your loan balance. You will be incurring deffered interest on that amount. So, please be concerned about the fees you are charged. This may be different from lender to lender; broker to broker. .... LINK ... Good luck, Rudi
  • March 09 2009
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Reverse mortgages are typically FHA insured loans (HECM) and are highly regulated. (max. loan amount $625,000 nationally) There are a limited # of investors unlike forward mortgages, and loan officers that participate normally have specialized training. Many good features including requirement that seniors have completed a Counseling session before a application/appraisal can be started, no monthly payment as long as they remain in property, no qualifying, non recourse loan, etc.  Loan origination fee is limited and so are fees so cost are similar between lenders, and funds available to seniors are virtually the same based on age, value, and program/index/margin. All applicants must be 62 or older.....
If you have an interest/need post a loan request on Zillow  or NRMLA.org
(National Reverse Mortgage Lenders Assoc.) for a list of lenders.
  • March 08 2009
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Try Bank of America, they've got a large, experienced group that does reverse mortgages.
  • March 08 2009
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