reverse mortgage costs: Reverse Mortgage Costs in Southern California - 08/26/11 11:51 PM
Like any loan you obtain on your home a reverse mortgage will have costs.  You can break the costs down into two general categories.  First are one-time upfront fees and second are ongoing costs. Also, it’s very important to recognize that fees are different from state to state and even county by county.One time, upfront fees are almost always financed into the loan and are not an “out of pocket expenses”. In the reverse mortgage world though there are two exceptions. First, is  “HECM Counseling”. All borrowers must complete HECM Counseling prior to applying for a reverse mortgage and there is a … (4 comments)

reverse mortgage costs: This could be the best time to consider a Reverse Mortgage - 04/17/10 12:10 PM
 
 
I've been pleased for my clients that most of the big lenders, my employer included, have reduced or eliminated the lender fees for clients in obtaining reverse mortgages.  With interest rates low, now may be the best time.  Skip Frenzel (www.AgapeLongTermCare.com) from Agape Long Term Care, forwarded this to me, Please take a look at this article from the WSJ
Article Link:  http://bit.ly/9qjVC2
Two of my clients this week saved over $10,000 in upfront costs and life of loan expenses!  And one client who is purchasing with a reverse will be able to buy for less cash up front. 
Nice!


… (4 comments)

reverse mortgage costs: Reverse Mortgage Suitability - 10/25/09 12:14 AM
Here are a few situations when a reverse mortgage is not a wise choice.
A reverse is not the right loan for short term needs.  If you only need the money for a short period of time and are planning on paying it off prior to 5 years, a reverse mortgage is just not an appropriate financial tool. The upfront closing costs will make the cost of the money (APR) non competitive. The minimum recommended amount of time is five years.
Both homeowners should be on title for a reverse mortgage.  If your spouse is under age 62 beware of lenders … (1 comments)

 
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Deborah Nance, Southern California Reverse Mortgage Specialist

Deborah Nance

Corona, CA

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Orange County, Corona, Riverside, Los Angeles

Address: NMLS#202003, Southern California, CA, 92883

Office Phone: (951) 283-2983

Cell Phone: (951) 283-2983

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What You Want To Know & Need To Know About Reverse Mortgages - “The postings, statements and opinions on this site are my own and do not necessarily represent the opinions and positions of my employer, and/or it's affiliates."


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