Acting Star or Mortgage Consultant - Who do you get your mortgages from?
Should "The Fonz" (Henry Winkler), Alex Trabek, and Robert Wagner be allowed to sell you a mortgage? Last time I checked, Netflix and my online banking haven't merged
Why do you only see commercials for reverse mortgages, but rarely for that 30 year fixed rate mortgage? The dark secret truth is that lenders are making almost five times if not more the amount of income off of one reverse mortgage compared to one regular "forward" mortgage. A forward mortgage is your typical Conventional, FHA, USDA, VA 30, 15, or 10 year fixed rate mortgage that we are all accustom to.
Now I'm not knocking Henry Winkler… He may be licensed as a Loan Officer for all I know. I am however knocking the idea of taking advantage of the uninformed consumer. The reverse mortgage world is still very highly unregulated. When I say unregulated, I mean it is like buying a car. You can negotiate on your interest rate and you can negotiate on a credit you may receive back at closing. Don't be fooled and don't fall for the bait of your childhood hero, Fonz. Trust your entertainment to Hollywood and your mortgage to your Mortgage Consultant.
Get the facts and do your due diligence. Make sure you have an advocate on your side.
-Mortgage Consultant for Life