The Best Reverse Mortgages

Due to constrictions with FHA/HUD funding, many FHA counseling agencies have begun to charge again for the required reverse mortgage counseling sessions.  Up to recently, they were able to offer seniors free sessions from FHA grants they had previously received.  The reverse mortgage industry is urging FHA/HUD to allocate funds for counseling expenses, as many seniors are unable to afford the counseling fee which ranges from $89 - $125.  However, most agencies will allow the fee to be financed into the loan if unable to pay upfront.  Check with a reverse mortgage lender for a list of counseling agencies and for the latest on which agencies may be still offering free counseling at this time.

With the recent exits of Wells Fargo and Bank of America from the reverse mortgage industry, many are left looking for a local reverse mortgage lender in their area they can drive to for a face to face consultation.  Which raises the question, "How crucial is it to have a reverse mortgage bank in your neighborhood?"  The success of these two companies in the reverse mortgage industry can be largely attributed to the convenience of their branch locations and the existing client business they drew from their other banking services.  As a result, they became the giants of the reverse mortgage world.  It was hard for other lenders to compete with them as a result, but was it really more to do with the convenience factor as opposed to the necessity for the consumer to obtain information in person?  Those lenders left behind are sure hoping that it was the convenience factor, and consumers are deciding if it really is a necessity.  Maybe years back when the reverse mortgage prog

Reverse Mortgages: Reverse Mortgage Calculators http://www.reversemortgagebenefit.com

You may be wondering, "How accurate are those online reverse mortgage calculators ?", and whether they can provide you with specific estimates for your situation.  Well, the answer is yes and no.  The online reverse mortgage calculators will provide you with a fairly accurate estimate based on the information you provide so that you may know whether you can qualify or not.  The calculators use the same software so you don't have to worry about estimates varying from one site to another.  However, the only true way to obtain specific calculations is to speak to a reverse mortgage professional who can make adjustments accordingly to your situation.  He or she may also help you with obtaining a more accurate estimate of the value of your home, since most people have no idea due to unstable real estate markets. Let us know what questions you have regarding reverse mortgage calculators by clicking on:  Contact Us