Getting the best deal on a reverse mortgage is simply a universal process and seniors should follow this in order to avoid overpaying for the same exact loan.
“You have to comparison shop, this is the only way to keep lenders honest and to secure the best deal.”
Most importantly and often overlooked you have to compare similar loan set ups (eg lump sum from one bank vs others). This is the key to being able to quickly identify which lenders have your best interest.
RMLD has for over 5 years now helped seniors comparison shop HECM reverse mortgages online. The above process is free for seniors to pursue on their own BUT RMLD is also a free service and using it will save you time and money. RMLD will connect you to 3-4 reputable lenders in real time to make the comparison process easier for you.
Although there are only a handful of reverse mortgage lenders available compared to regular convention home loan lenders to get quotes from, it is important for you to know that not every reverse mortgage lender pays millions of dollars to hire former politicians and actors to market their products.
Large marketing budgets usually result in higher costs to the consumer. Now you may want to ask yourself, why are these reverse mortgage lenders spending so much money to advertise the reverse mortgage programs? Again very simple, reverse mortgages are nearly twice as profitable for the reverse mortgage home lenders than a regular conventional home loan.
Reverse Mortgage Lenders Direct takes to protecting “The Generation That Built This Country and their families as consumers seriously”. Our job is to shield you from “High pressure sales tactics” and Predatory Loan practices that result in much higher loan fees and interest rate markups. Reverse Mortgage Lenders Direct views most of the potential reverse mortgage borrowers
The reverse mortgage for those who are concerned with what money and financial assets they will leave their family is usually a mortgage of last resort.
If your children cannot assist you financially in order to be able to maintain your cost of living, than you have two choices, sell your home and downsize, or get a reverse mortgage if you qualify
If you are like most California seniors who have bought their homes for $20-$40,000 back in the early 1970’s than you are most likely living in a home worth more than $600,000. Now you are house rich but cash poor because the cost of living in California is so high.
Most California Seniors have two other big problems, High State taxes and high home owners insurance rates
Florida seniors living in higher priced homes also share the same problems that California seniors are facing
The first priority is to choose the best loan program for you and your family. Once you have determined which program you are interested in, The next step is to get at least three to four different lender quotes from competitive lenders using the exact same lending program, loan amount, and exact same interest rate margin. This will make it much easier for you to determine which lenders are the most reasonable. Any lenders that do not provide you with a quote are either being evasive or inept and in either case, should be quickly eliminated from the list of lenders you are considering doing business with
All of the lenders that are part of the Reverse Mortgage Lenders Direct Network are the most competitive reverse mortgage lenders in the country and eager to provide you all the information and assistance you need to make the right reverse mortgage program choice.
Regardless of what State you live in, whether it be California, Washington, Texas, Florida Maryland or even in Washington D.C. You can count on Reverse Mortgage Lenders Direct to Assist you in getting the best terms on a reverse mortgage which include first and foremost, the most suitable program for you and your family as well as the lowest interest rate margin and closing costs
Reverse Mortgage Lender Direct is a privately held company who’s ownership answers to a higher power and is committed to protecting you and your family as a consumer.
It is truly our pleasure to assist you
For the best deal on a reverse mortgage, simply provide us your contact information and the best time to call.