We know there are both pros and cons to getting a reverse mortgage. However we have been seeing more and postivie testimonials and success stories. I found a list of a couple good ones, that really opened my eyes to how beneficial a reverse mortgage can be. Read them, you will probably enjoy them.
Success Stories
I found them at a really good Reverse Mortgage site, they even offer a free helpline, all you have to is call the toll free number at 1-888-823-6125 , and they will provide answers to your questions, supply documentation, and help you find a reverse mortgage lender.
This can either be a pro or a con to a Reverse Mortgage, depending on your personal needs…
As of April 1, all reverse mortgages went to “live pricing,” meaning interest rates and margins will be fixed daily, not weekly.
Thus, when seniors are shopping for reverse mortgages, they must be sure to compare apples to apples because originators (salespeople) may try to hoodwink even the sophisticated potential borrowers by backdating their good-faith estimates and quoting products that are not even available on the market any longer. That is why your old application will not work.
When signing applications, there is no longer any kind of “lock” on the interest rate, et cetera, until the lender is ready to close the loan. Thus, neither the lender, the originator or the elder person will know what the final amount available for a loan will be until the loan is “cleared to close” when the originator locks the interest and margin at whatever the market offers at that time.
Find out your current interest rate by calling 1-888-9REVERSE (1-888-973-8377)
Also visit My Reverse for lender, brokers, and bankers information. Click here
