dangers of reverse mortgages

I was just asked if it is better to go to a broker or a lender to get a reverse mortgage. Generally speaking a lender will be the better bet because they have specialists who understand reverse mortgages. Since it is a relatively unknown product many brokers do not understand the processing of a reverse mortgage. If it is a HECM (FHA) reverse make sure your broker is FHA approved. With all the over site on these types of loans the fees and interest rates are watched carefully so a broker and lender will be the same. A lender will also service the reverse mortgage and will be a better contact down the road. If you have any specific questions please call me at 262-641-4450

David Forer

The first post I do should give you a little history of reverse mortgages. Most people have just starting hearing of reverse mortgages and think they are a very new product. That is untrue. They have been around for a while but have not become popular till the government started regulating them. Here is a very brief and basic history of the reverse mortgage.