Recently, I saw a statistic published by HUD, stating that over half of all HECM Mortgages (the most popular and common Reverse Mortgage) were not kept for six years. And many were only kept for three to four years. One thing to consider about this if you are considering a Reverse Mortgage. While I am a big proponent of these, to keep it for such a short period of time, makes your APR (the cost to you in an annual term) often extremely high in the teens as far as percent (15-20%) or even in the 20%'s. This is as high, if not higher than many credit cards. If you get this reverse mortgage, consider it to be a long term commitment to keep and help you in your finances! Then the cost to you drops, as low as 3-8% if kept for a long term. This is important to consider in your long term financial planning.
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Title companies & mortgage brokers, help your borrowers- arrange to have their loan signed and notarized in their home, at their convenience by a Certified Notary Signing Agent (CNSA)
Browse The Rain for a qualified and Certified Notary Signing Agent in your area.
Southwest Florida Notaries is open for your mortgage closing 24/7 at your location (Based in Murdock, FL, near Port Charlotte FL, but covering all of Southwest Florida - Manatee, Sarasota, Charlotte, Desoto, Lee and Collier counties)
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