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  • 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
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  • Age of youngest borrower
  • Current interest rate
  • Lesser of appraised value or the FHA insurance limit


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A Specialist in Reverse Mortgage Loan Costs and Fees


Choosing a reverse mortgage specialist is one of the best decisions any senior citizen can make. Reverse mortgages are suffering from extreme popularity; many people are ready to dive right in and sign an agreement.

Thankfully, when it comes to the HECM, the most popular type of reverse mortgage, you are barred from making a hasty decision. HECM makes it mandatory to seek out a specialist or consultant before taking out a loan.

There are three types of reverse mortgages out on the market today. The least expensive type is the single purpose reverse mortgage. But this is something you can only use for home maintenance and improvement, or for paying property taxes.

There are also proprietary reverse mortgages by private institutions, that are not coverd by HUD insurance. The cost of this type of reverse mortgage varies from lender to lender, but it is higher than a single purpose loan. So far, the most popular type of reverse mortgage loans is the Home Equity Conversion Mortgages (HECM) reverse mortgage. HECM reverse mortgages cost less than the proprietary reverse mortgage program, and are backed by the federal government through the Department of Housing and Urban Development.

THE USE OF A REVERSE MORTGAGE SPECIALIST

What sets HECMs apart from other types of reverse mortgages is the requirement for a federal-approved reverse mortgage specialist and adviser. You have to take credit counseling from a list of specialists before you can even apply for a loan. It costs nothing to take credit counseling. Many senior citizen organizations like the AARP offer it for free of costs and fees to their members. This is not to be confused with optional reverse mortgage seminars being offered.

Your reverse mortgage adviser and specialist should tell you MORE THAN the sum of the fees associated with such loans. At the very basic, he or she will tell you everything you need to know about reverse mortgages and how they work.

Your adviser will also walk with you through your individual situation. This is to determine if taking out a reverse mortgage loan is, indeed, the best solution for your situation. It all comes down to a cost-benefit analysis, that is, will a reverse mortgage benefit you more than it would cost you? When you are done with your reverse mortgage specialists, you can apply for an HECM reverse mortgage with an accredited lender.

HOW TO CHOOSE A SPECIALIST

Choosing a reverse mortgage specialist and advisor is not rocket science. Doing some of these things can help you choose from a list of professional specialists who can advise you:

  • Check for referrals. Like in any other profession, not all reverse mortgage specialists and advisers are created alike. Some good and some are bad, but you really don’t have to go through trial and error. Check the experiences of other people. Doing this will save you from facing more fees and costs in the long run.
  • Do your homework. You have to go from Point A to Point B before the reverse mortgage loan is approved. After counseling with a credit adviser, you can apply for a loan with an HECM lending institution. Your specialist should be able to give you contact details of not just one, but at least three institutions. If there will be any additional fees he should point them out as well.

It is understandable why so many seniors are seeking financial relief through reverse mortgage loans. At the onset, the only way for a house to generate cash is by renting it to other people or taking out a mortgage on it. With reverse mortgages, seniors can generate cash without losing their homes and having to suffer additional costs and fees.


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