New Reverse Mortgage Product Saves Seniors Money

I’ve been doing reverse mortgage for over five years and one of the largest drawbacks of the loan was the upfront origination and servicing fees. This has made this a very expensive loan. I’m very proud to say I work for the first lender to listen to the concerns of seniors and eliminate those fees. Origination fees were 2% of the appraised value or a minimum of $2,500. While the servicing fees could be as much as $5,300 based on the borrowers age. So the savings could amount to $8,000 or more. The interest rate is 5.56% and is a fixed rate.
This loan is a great product for someone who wants to eliminate their mortgage payments, help out their children, remodel their home, make their home accessible, pay for medical expenses and/or homecare, travel, purchase a new home or diversify their assets.
This is the loan of the future and with the new product making it more affordable I can see reverse mortgages become part of the mainstream mortgage industry.

This article has been republished in part or full from an Age in Place Professionals member's website. Read the orignal article at the author's website >>