Reverse mortgage process changed recently. It will be best to work with Reverse Mortgage Banker that is their core business. We have Reverse Banker that only does these loans. You may reach out and someone will be sure to assist you.
A reverse mortgage is federally insured by the government (FHA). The first step is to shop a few reverse mortgage lenders who can originate them to determine which lender can offer you the best terms. Any lender that originates a reverse mortgage can adjust your margin thus impacting the amount of cash you receive. The reverse mortgage interest rate is either an adjustable or fixed rate. 90% of all reverse mortgages rates originated in 2016 were Adjustable.
All borrowers must be counseled first before completing an application with a lender. The counseling is usually done in the comfort of your home once you have received a proposal package outlining the amount of cash available based on your estimated appraised value.
The age of the youngest borrower and the appraised value will determine the amount of cash out. The reverse mortgage product was revamped in 2015 and now require a lender set aside (LESA) for taxes and insurance if the lender determines that your credit is impair