Reverse Mortgage Pitfalls
On this page we discuss Reverse Mortgage Pitfalls that some Lenders and Bank won't share with you.
1) Condo, Condominiums and Planned Unit Developments - PUD
If you have a Condo and want to get a reverse mortgage - - STOP!
Save yourself time and money by reading our page on condo pitfalls, what to check on first and what your options are here
> Condo Pitfalls and Help (Click Here)
2) Purchase Reverse Mortgage
If you want to purchase a home with a reverse mortgage - - STOP!
Save yourself time and money by reading our page on purchase reverse mortgage pitfalls, what to be aware of and what your options are here
> Purchase Reverse Mortgage Help (Click Here)
3) Under Age Spouse
If you are 62 years old or older but your spouse is not - - STOP!
Learn what your options are and the potential ramifications here
> Under 62 Year Old Options (Click Here)
4) High Cost and Fees
Reverse Mortgages are high cost loans and do not make good short term solutions to financial difficulty you may find yourself experiencing. If you want to learn more about reducing the costs and fees you can expect if get a reverse mortgage try our page on this here
> Low Cost Reverse Mortgage Strategies (Click Here)
5) Interest Rates
Interest rates are at historic low levels for reverse mortgages. We have seen them as low as 4.0% in mid 2011. The pitfalls if you wait are that there is a good chance that rates will go up in the near future - 5% and above. The lower the rate, the longer your equity will last, it's that simple. If you would like a quote to see what the rates are today please follow this link where you can contact a top lender
> Contact a Top Lender about Interest Rates (Click Here)
6) Falling Home Values
If you have seen the news lately you know that home values in many areas of the country are continuing to fall. This means the longer you wait to get a reverse mortgage the greater the chance that you will be offered less money. If you would like a quote to see how much money your current home value can bring you with a reverse mortgage please follow this link where you can contact a top lender
> Contact a Top Lender about Your Home Value (Click Here)
7) Bad Lenders
Choosing the wrong lender for a reverse mortgage has many pitfalls. If you are dealing with a lender now who is using high pressure sales tactics, is slow to process your loan, is not returning your phone calls or is just not knowledgeable enough try our pre-screened lender partners who will give you the high level of service you deserve on your reverse mortgage
> Contact a Pre-Screened Top Lender (Click Here)
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