Reverse Mortgage Information

I've been pleased for my clients that most of the big lenders, my employer included, have reduced or eliminated the lender fees for clients in obtaining reverse mortgages.  With interest rates low, now may be the best time.  Skip Frenzel (www.AgapeLongTermCare.com) from Agape Long Term Care, forwarded this to me, Please take a look at this article from the WSJ

Article Link:  http://bit.ly/9qjVC2

Two of my clients this week saved over $10,000 in upfront costs and life of loan expenses!  And one client who is purchasing with a reverse will be able to buy for less cash up front. 

Nice!

Before you start talking to lenders, consider consulting a HUD-certified reverse-mortgage counselor to learn more about the options and mechanics. Until the end of April, the National Council on Aging and other nonprofit groups are offering free counseling to homeowners regardless of their income.

You can find a directory of reverse-mortgage counselors at www.hud.gov.

Click on "Talk to a Housing Counselor," link & then "Search online for a housing counseling agency near you."  The counseling is essential in preparing a senior homeowner or homebuyer in making an informed decision. 

There are links to great free information sources here on my blog page too. Help yourself - knowledge is power.