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