According to a recent survey conducted by Harris Interactive, 40% of homeowners do not compare different lenders when obtaining a home loan. From this information, it is safe to assume that these consumers are also dropping the ball when it comes to searching for reverse mortgage lenders.
What is even more startling is that 96% of consumers claim to shop around before purchasing other products and services. If most consumers know the importance of comparison shopping, why are people so lax when it comes to choosing mortgage lenders? While some consumers may not want to go to the trouble, others are probably unsure of whether their choice of reverse mortgage lender will really impact their loan. Consumers might also avoid shopping for a lender simply because they do not know how to do so.
Does a Borrower's Reverse Mortgage Lender Really Make a Difference?
A person's choice of reverse mortgage lender can significantly impact his or her loan. Interest rates, origination fees, closing costs, and others fees all vary by lender. Choosing the right reverse mortgage lender might make the difference between accepting an expensive loan and getting a great deal.
Different lenders also offer different loan products. Currently, most lenders offer Home Equity Conversion Mortgages (HECMs) which are insured by the Federal Housing Administration (FHA). With these loans, the most a borrower can receive is $625,500, even if the home is worth significantly more. To get a jumbo or proprietary loan, borrowers must look for lenders that offer these loans. Since jumbo reverse mortgages are not as common, borrowers will be more limited in their search for a lender.
Borrowers' choice of lender will also affect the quality of their borrowing experience. A reputable lender is one that takes the time to answer questions and keep borrowers informed throughout the loan process. Reputable lenders do not pressure or force borrowers to purchase other financial products. If, at any time, borrowers begin to feel uncomfortable or pressured, it might be time to begin exploring other options.
How to Choose a Reverse Mortgage Lender
Searching for the best lender does not mean that borrowers should apply with as many lenders as possible. In fact, since borrowers must get their homes appraised during the loan process, working with several different lenders can get expensive. Shopping for a reverse mortgage lender means simply asking the right questions and recognizing a good deal.
While applying for a reverse mortgage, borrowers should make sure that they understand the costs associated with these loans. Before deciding to accept a loan, borrowers should be clear on their different options, the long-term costs of the loan, and the potential disadvantages. If a borrower is concerned over certain fees or aspects of their loan, it is always a good idea to discuss the issue with one's lender. Actively choosing a lender and staying informed throughout the loan process is the best way to get a great deal on a loan.
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