Who is a good lender to use for a reverse mortgage loan for my dad?
October 10, 2008 - My 83 year old father needs repairs on his home which is paid for. He is on a fixed income and is considering a reverse mortgage. There is no one else living with him and he doesn't plan to move.
- As a mortgage broker, I have always used Financial Freedom. They are recommended by everyone including AARP. Check out their website as well as the AARP website
- Check out Loan-Com.info and do a search for reverse mortgage loans. They have dozens of loan programs available at reasonable rates and affordable terms.
A good lender recommendation will depend on the state in which your dad resides. If in California, Hawaii, or Oregon, I would suggest checking with First Capital Group. Have you thoroughly researched the pros and cons of a reverse mortgage? The following is an excerpt from a recommended article on the subject What are the Advantages and Benefits # Money you can use as you want – No lender will be hovering over you asking about how the money will be or is being spent. You truly can use it for a dream vacation, medical expenses, or anything else you want. # It can be a safety net – If you are at risk of losing your home due to foreclosure or an inability to pay your taxes, then a it can provide you with the funds needed to protect your property. # You don’t have to worry about being a burden – As parents of adult children, you may worry that your health or financial situation could make you a burden on your family. This type of mortgage can give you a nest egg to ensure that won’t happen. Despite the Advantages, There Are Some Drawbacks: # · Your home cannot be passed on to children – Because the money earned from selling your home will repay the debt, you will not be able to will the property to your children. It will either have to be sold by your estate or it will revert back to the bank. # · The upfront costs are high – When compared to other mortgages, the upfront costs of reverse mortgages are much higher. While they can be financed with the rest of the loan usually, these costs will all have to be paid back and will leave less funds available for your estate.
Knowledge Base: Mortgage
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