Reverse Mortgage
The Senior Market is exploding with popularity of Reverse Mortgage Loans. Today's retirees hold an estimated $4.3 trillion in home equity. Baby Boomers are retiring this yr. Industry is at the beginning of growth cycle. Current market penetration from reverse mortgage wholesale lenders is less then 2%.
Reverse Mortgages are growing exponentially...
A Reverse mortgage helps senior citizens tap the equity in their home without requiring them to make monthly payments. That's right they don't make payments, they receive payments.
Lenders
Find a discount or wholesale rate can be tough, Reverse Mortgages and HECM (Home Equity Conversion Mortgage) are a government backed program so fees and rates are regulated. When dealing with a lender make sure you:
- Explore different types of Reverse Mortgages
- Offer you full disclosure and a good faith estimate showing costs
- Disclose all upfront fees and costs (if any)
A reverse mortgage calculator can be used to quickly determine a general idea if you qualify for a Reverse Mortgage and how much cash you could receive. However it is important to give accurate information to the loan officer so you will be able to get an accurate estimate
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