Reverse Mortgage Lender - part 2

by Troy Shellhammer

So then what is the difference between Reverse Mortgage Lenders? For one, each Reverse Mortgage is serviced by a monthly fee that is escrowed out the Reverse Mortgage proceeds and is automatically debited each month. This allows for no monthly fee to have to be paid by the borrower and is a standard and required facet of every Reverse Mortgage with every Reverse Mortgage Lender. However, the cost of the service fee will be different for many lenders. For the HECM product, for instance, the average monthly service fee is around $35. Some lenders charge more for this fee, some less. Usually the difference in the amount of funds available through this difference in monthly service fee is slight, however it is one thing to consider when looking at different lenders.

The main factor when differentiating between Reverse Mortgage lenders will be your comfort level with the representative you have been conversing with about the product, the quality of the information you receive from the individual, and their level of experience and knowledge of the products and the process. The more polished and experienced the Reverse Mortgage loan officer, the more likely that you will have a much speedier processing time and a much smoother closing with as little difficulty as possible. The time saved when doing a Reverse Mortgage will equate into a much larger savings than a few dollars less on the service fee. Time is money with a Reverse Mortgage and this will be the ultimate key in selecting the Reverse Mortgage Lender that will do the best job for you.

Copyright (c) Troy Shellhammer

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