| With the dramatic increase in senior citizens | | | | to a share of your home's residual value. If |
| turning to reverse mortgages as a way to | | | | you find reverse mortgage brokers hesitant to |
| finance their retirements, the importance of | | | | discuss these fees, immediately see warning |
| having ethical reverse mortgage brokers has | | | | signs and look elsewhere. Reverse mortgage |
| increased dramatically as well. Ethical | | | | brokers who take advantage of the ignorance |
| standards for reverse mortgage lenders have | | | | of prospective borrowers are, unfortunately, |
| been established in the National Reverse | | | | far more common than one would like to think. |
| Mortgage Lenders' Association Code of | | | | The sum you will actually receive for your |
| Conduct, but not all reverse mortgage brokers | | | | reverse mortgage payment, whether you take it |
| deal with members of the NRMLA. What Your | | | | as a single amount, in monthly payments, or |
| Broker Should Tell You Many people who decide | | | | as a line of credit, can differ by thousands |
| to take a reverse mortgage rely on their | | | | or tens of thousands of dollars, depending on |
| reverse mortgage brokers for information | | | | the abilities and honesty of the reverse |
| about the costs of the process about which an | | | | mortgage brokers with whom you consult. For |
| ethical reverse mortgage broker will be | | | | more info see on Reverse Mortgage Brokers. |
| forthcoming. Yours should be willing at the | | | | Take Your Time Take the time to shop among |
| very least to tell you the following: - The | | | | reverse mortgage brokers for the lowest fees; |
| cost of your application fee may not be | | | | if you have family members or friends who |
| refundable, so potential borrowers clarify | | | | have taken out reverse mortgages, ask them |
| that in advance. The application fee covers | | | | about their experience and whether they are |
| the cost of a home appraisal and a check to | | | | satisfied with the performance of their |
| determine if the potential borrower is in | | | | reverse mortgage broker; if there are senior |
| arrears on any other federally-insured loans. | | | | citizens advocacy groups in your community, |
| - Closing fees can be added to the loan | | | | find out whether they can recommend any |
| itself, but if they are, will accrue | | | | reverse mortgage brokers. Make sure your |
| interest. Some of closing fees are | | | | reverse mortgage broker finds the loan which |
| comparable to the closing fees of regular | | | | is right for your needs; you have the right |
| mortgages, but others are strictly designed | | | | to a retirement as worry-free as you can make |
| as part of the reverse mortgage process. The | | | | it! |
| origination fee and continuing loan servicing | | | | |
| fees will differ widely among reverse | | | | You can also find more info on Reverse |
| mortgage lenders. - At the loan's | | | | Mortgage and Reverse Mortgage Association. is |
| termination, there may be shared equity or | | | | a comprehensive resource to know about |
| value appreciation fees assessed. If so, | | | | Reverse Mortgage. |
| they will entitle the reverse mortgage broker | | | | |