Reverse Mortgage Adviser Icon Reverse Mortgage Adviser
Your Resource for Objective Reverse Mortgage Information
Call Now! 1-800-407-6365
Lenders Click Here
Reverse Mortgage Calculator

Borrower Eligibility
  • All borrowers must be 62 and older
  • Must own property and occupy as primary residence
  • Participate in an information counseling session
  • Property must meet FHA property standards
  • Maintain home with needed repairs, property taxes and insurance
Loan Amount Based On
  • Age of youngest borrower
  • Current interest rate
  • Lesser of appraised value or the FHA insurance limit


Helpful Links
Reverse Mortgage Home
How Reverse Mortgages Work
Step By Step Process
Reverse Mortgage Calculator
Browse Reverse Mortgage Lenders
Reverse Mortgage News
Reverse Mortgage Articles
Frequently Asked Questions
Testimonials and Interviews
Reverse Mortgage Video

BBB Accredited Business



Corporate Links
About Us
Contact Us
Privacy Policy
Sitemap

 

Conducting a Reverse Mortgage Company and Broker Comparison

Doing a comparison between reverse mortgage companies and brokers is the most important task you can do. With all the hype surrounding reverse mortgage loans, you have to sift information and separate fact from myth.

If you are a senior citizen, you should do some comparison shopping to find a broker or a company that would give you the best deal in town. It all boils down to the “choice Good Deal Co and Better Deal Co.” (You will always want to choose the better company, if not the best of all companies.)

When you close a reverse mortgage deal, you will be entering into an agreement. This agreement will be different from the agreements of regular loans and mortgages. One comparison you can make is that you get to keep your house while the debt is piling up. Thankfully, the loan doesn’t get repaid until the house is resold, refinanced, you die or are permanently moving out of your home (whichever comes first).

Before any closings, you will want to shop around for the best reverse mortgage company or at least one of the better companies. You can have a broker do this for you. However, the good-old common sense will tell you that you also have to do your homework. Read up!

On the market today, you can actually find three types of reverse mortgage products. The most popular are the HECM loans. Most senior citizens only apply with HECM reverse mortgages and hire brokers to sign them up. HECMs are built to be less expensive (reverse mortgages are never cheap) than the other types of reverse mortgages. A comparison never fails to show this.

They are also popular because the federal government plays hard-to-get on them. Only senior citizens who are at least 62 years old are eligible for the loan. Before you can apply for an HECM reverse mortgage, you are required to undergo a credit counseling with a reverse mortgage counselor from counseling service accredited by the government.

The reverse mortgage counselor will actually do some hammering on you – about the pros and cons of reverse mortgages. He or she will also do some parenting, that is, find out if a reverse mortgage loan is really good for you. After the counseling session, you can begin to find a reverse mortgage company or companies that will let you apply for the loan. If you can’t find one on your own, hire one of them brokers.

Reverse mortgages are a great way to take out cash on your home’s equity. However, like any good thing, there are tradeoffs to this program. Your counselor should discuss this with, because your brokers won’t.

For one thing, reverse mortgages may affect your eligibility for types of loans. It can also affect the total value of the borrower’s estate. More importantly, beneficiaries of Medicaid and Supplementary Security Income (SSI) could stand to lose their benefits.

Most seniors do not know about this, but a loan advance is considered cash or income if the recipient keeps the money beyond the month they received it. Seniors might just find themselves ineligible for those State benefit programs if they are not careful.


Find A Reverse Mortgage Lender
Find a reputable reverse mortgage lender in your area.
Free Reverse Mortgage Guides
Download up to 5 Reverse Mortgage Guides FREE!
Download up to 5 Reverse Mortgage Guides FREE!
Get Your Reverse Mortgage Kit
Everything you need to know about reverse mortgages.
Get Your Reverse Mortgage Kitr
Reverse Mortgage Video Learning
Determine whether a reverse mortgage is right for you.
Reverse Mortgage Video Learning
Talk To A Reverse Mortgage Expert
Contact an experienced reverse mortgage counselor.
Talk To A Reverse Mortgage Expert
Free Reverse Mortgage Calculator
Find out how much you can borrow, instantly.
Free Reverse Mortgage Calculator

Read Reverse Mortgage Articles
Reverse Mortgage Loans for Senior Citizens
Instant Online Internet Reverse Mortgage Web Calculator
Reverse Mortgage Programs on the Web News
A Reverse Mortgage Price Counselor Counseling Consultant
Reverse Mortgage Loan Costs and Fees Specialist
Seminar: Problems With Reverse Mortgage Products
pros, cons, benefits, disadvantages & pitfalls of reverse mortgages
Age Formula for Reverse Mortgage Rate Calculations
Reversemortgage, Reverse Mortages, Reverse Morgages
Myths, Misconceptions & Limits of the Reverse Mortgage Industry
Application Qualifications to Apply for a Reverse Mortgage
Education Guide, Facts & Rules for the Reverse Mortgage Dummy
What is a Reverse Mortgage, Definition, Guidelines, About & FAQ
Reverse Mortage Loan, Rate and Payment Calculator
Reverse Mortgage Company and Broker Comparison
Affordable Reverse Mortgages from Banks & American Government
Reverse Mortgage Lending, Interest Rates and Line of Credit
Reversed Mortgage Loan Guide for Reversed Mortgages
New Jumbo Affordable Reverse Mortgages Advantages
Statistics Provider Proves That Reverse Mortgage Market Works
Closing Costs of Reverse Mortgage Refinance / Refinancing
Reverse Annuity and Home Equity Conversion Mortgage
FHA Legislation Creates Insurance for HUD Reverse Mortgages
Leads for Reverse Mortgage Lenders, Agents and Brokers
Proprietary / Private Company Reverse Mortgages
HECM Reverse Home Equity Mortgage Loan

Browse Reverse Mortgage Lenders by State
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming