It seems that every month the Reverse Mortgage industry introduces a change. If its not a new Government reuirement, its a change in the programs available.
The good news is that recently we can now offer a Reverse Mortgage with no origination fee and no monthly service fee. This equates to saving seniors thousands of dollars when they obtain their Reverse Mortgage.
The first thought is that the interest rate would have increased to cover the difference, but the exact opposite is true. The interest rate actually went from 5.56% to 5.49%. While not a big change, the fact is it went down while the other costs went down as well.
It seems everything is costing more and more while our income is staying the same, but a Reverse Mortgage is one product that is coming down in cost.
I always share the negatives with and product and the main negative was alwaays the cost. Well that has changed and now the main negative is if you want to leave the house to the kids, the reverse mortgage isn't for you. A reverse mortgage lets you enjoy the fruits of your labor without decreasing you cash flow.
Due to all of the changes, it is important to work with a broker that only does reverse mortgages. Also, work with a broker that will guarantee getting you the most money. Get that promise in writing and hold them to it.
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