All Are Not Created Equal
Not all reverse mortgage loans are created alike. Let the buyer beware! I had discussions with 6 different reverse mortgage lenders before I found the right one. The differences in closing costs varied greatly between them, by as much as over $20,000, in my case. Don’t let them take advantage of you. Between even the best two offers there was a difference of over $10,000. Read more about how I saved a bundle on my reverse mortgage.
Prepare For Your Appraisal
Not all appraisals are created alike either. Appraisals are highly subjective, affected by the impression and personal opinion of the appraiser. Wisely investing a few hundred dollars to prepare your property for appraisal could actually raise your value by thousands. You’d be amazed at what a little patching and painting can do to enhance your perceived value. But before you hire an appraiser, first be sure he or she routinely does FHA appraisals, has a lot of experience, and is truly familiar with the market in and around your neighborhood.
Look Before You Leap
Reverse mortgages CAN be wonderful. But look before you leap! Just as you would be sure there is water in the pool before you run at it for a cannonball jump, be certain you are not getting a raw deal from your lender. How can you tell if you are getting the best possible deal? It took me nearly a year and a half to answer that question for myself. But if you are at least 62 years of age, and seriously considering a reverse mortgage, check this out first.