LAKE HAVASU CITY PROPERTIES ON REAL ESTATE
REVERSE MORTGAGE CAUTION
Using
an online calculator to get a cash-out estimate for a Reverse Mortgage
is actually a very simple process. Most Reverse Mortgage calculators
only require that you input the current value of your home, the balance
of your existing mortgage, and the ages of the borrowers. You will then
be provided with a reasonably accurate estimate of the money you can
receive.
Many unscrupulous lenders
are plugging in inaccurate interest rates in their online calculators
causing inflated cash-out figures. Remember that the interest rate is
the same no matter which lender a senior chooses…so do not shop for a
lender based on the results of their online calculator. The Department
of Urban Development actually dictates what interest rate all properly
licensed Reverse Mortgage lenders must use so the results should be
virtually identical from all lenders.
BEWARE of lenders not
approved by the government to originate reverse mortgages. ALL Reverse
Mortgage lenders must be approved by the Department of Housing and
Urban Development. HUD has had reports of companies claiming to have
HUD approvals originating Reverse Mortgages and attempting to charge
rates and fees in excess of those mandated by HUD. This is illegal.
Check the HUD website to verify that your Reverse Mortgage lender is
truly authorized to originate Reverse Mortgages.
For buying or selling real estate, call Dean Baker owner/Broker Lake Havasu City Properties, top selling salesperson for 16 years. Cell phone 928-486-3368 or (888) 854-7210.