For qualified seniors that have decided which reverse mortgage best suits their needs, the next step is to comparison shop for the best terms and fee’s in order to avoid the highest fee’s and interest rates. Your goal should be to receive the lowest upfront fees and most importantly lowest interest rates as this will dramatically reduce the amount owed at the end.
Reverse mortgages while don’t require any mortgage payments will increase over time. By comparing the interest rates and fees you can save many thousands over the course of the loan.
RMLD’s guide to comparing HECM lenders for 2017, we have over four years experience in helping seniors find the best reverse mortgage loan online.
The government recommends and we agree, that once you have decided which Reverse mortgage program you want, to get at least 3-4 different lender quotes.
Reverse Mortgage Lenders Direct is a service that is committed to protecting your most sacred financial investment by helping you save time and money on a reverse mortgage by avoiding predatory lenders. RMLD only works with HUD approved lenders.
Predatory reverse mortgage lenders use high pressure sales tactics and generally do not provide their reverse mortgage offer on paper with a formal quote.
Predatory reverse mortgage lenders thrive on senior home owners that are struggling with their mortgage payments by offering to close quickly if the senior home owner signs right away.
News Flash! You can shop for a better deal and save thousands of dollars if you follow the right reverse mortgage shopping steps.
Shopping is a talent and if you want to shop for the best deal on a reverse mortgage, follow these simple steps.
First, we have to make things easy. Have each quote based on the exact same loan amount, loan program and interest rate.
Reverse mortgage quotes will come in different formats but what you want to compare are the closing cost.
The closing costs of a reverse mortgage are comprised of four components:
1) FHA Mortgage insurance fee’s
2) Lender Fee’s
3) Title Fee’s
4) Escrow – yearly taxes and insurance
The two main fee’s that you want to compare, are the lender and title fee’s.
Reverse mortgage Lenders Direct works with a combination of national and local reverse mortgage lenders committed to helping you determine which mortgage program is best for you and your family first, and then to provide the most reasonable fee’s in the industry.
Our service to help you shop for lowest costing reverse mortgage is free.
If you have questions, Reverse Mortgage Lenders Direct can help you.
If you want to know if you Condo is FHA approved, Reverse Mortgage Lenders Direct will get you that information.
If you want to make sure you have taken advantage of every available opportunity to shop and compare safely for the best terms on a reverse mortgage in the form of lowest interest rate margin, the lowest title fee’s and the lowest Lender fee’s, simply fill in the contact information on this page.