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How do you find the reverse mortgage that has the lowest mortgage insurance and closing costs?

by dsdark_810_418 from Indianapolis, Indiana. Feb 3rd 2013 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

You need to reach out to a Reverse Mortgage Specialist who can provide you with some quotes. Visit http://www.reversemortgage.org/ to locate a lender close to you. I could refer you to someone if you'd like, so please let me know. Thank you and good luck!

Feb 3rd 2013
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

Mortgage Insurance on a reverse mortgage is dictated by HUD, so you will not find one lender that will charge you more (or less) than another for the same loan amount. As for closing costs, they too will be fairly close since most of the fees are third party (like title and appraisal). As the mortgage market has become more regulated, you are less likely to find large swings in rate and fees between different Mortgage Bankers/Brokers. That is not necessarily true with the big banks and national mortgage factories. Many of them are priced above market because the work on the simple fact that most depository customers "Think" they are getting the best deal from their own bank, so they don't shop. The few customers that do, find out that there are much better deals to be made using Mortgage Bankers/Brokers. Look for a certified Reverse Mortgage Loan Originator at The National Association of Mortgage Professionals. You can find one that serves your area at www.NAMB.org Click the Find a NAMB Broker tab and select your state. Members adhere to a strict Code of Ethics which benefits the consumer. You can also find one at HUD's website. Start here for info: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Feb 4th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Every loan and borrower situation is different but in any event talk to a couple local lenders to get some quotes.

Feb 3rd 2013
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

Basically, there is not really a wide range of mortgage insurance and closing costs, it is pretty standard now, but it does depend on your credit, equity in property, loan amount, your age factor.. etc you can email me at yourloanpartnerforlife@live.com linda hey, i was born in south bend Indiana go hoosiers!!!

Feb 3rd 2013
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Seth Jacobs (MaineMortgageBanker)
#6 ranked lender in Maine - 116 contributions

Jerry is a Reverse Mortgage Specialist and a good friend. Try him here http://reversemortgagesme.com/about-jerry/

Feb 4th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,784 contributions

It is a myth that shopping a zillion lenders will get you some magically "better" deal. It simply doesn't work like that. All lenders get the money from the same basic source on the same day for the same program based on the same bond market. All lenders have the same basic costs to close a loan (appraisals, credit reports, title company, state taxes, underwriting, processing, etc). Someone is paying, and it is always you.

Feb 4th 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

You should check with several lenders and then compare the closing cost and rates and see who has the best overall deal.

Feb 4th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Go to a local loan officer for help.

Feb 4th 2013
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Richard Johnson (RichardJohnson)
#168 ranked lender in Texas - 4 contributions

Take the help reverse mortgage adviser and consult with many local money lenders. http://mortgagereverse.org/mortgage-ratereverse.html

Apr 25th 2013
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