Cash Pay Advance

That doesn’t seem likely, given that reverse mortgages are a niche product comprising just a tiny fraction of the mortgage industry. Senators were told about some borrowers who were sold a reverse mortgage and an annuity from the same salesman, generating huge fees and tying up the homeowners’ money. It’s running financial seminars on reverse mortgages — remember the “no-money down” sessions on real estate? For a 70-year-old, a $100,000 reverse mortgage has fees of almost $7,000, plus an additional $5,000 to be set aside for service fees, according to an online calculator at reversemortgage. Anyone who expects to move within two to three years should avoid any home loan with high fees, whether it’s a reverse mortgage or conventional loan. Find Out More

No Tags