Beware of the Reverse Mortgage!!! Don’t get fooled into paying fees!!
Yes, I mean FOOLED, because there ARE many Originators who will try to convince you that high fees are “just part of the program”.
(This almost happened to me as I was getting a Reverse Mortgage on my own house about 4 years ago)
Well, the truth of the matter is that the High fees area part of the HIGH PROFITS that so may of the Originators and Brokers make.
However, there are Brokers who can provide your Reverse Mortgage WITHOUT the high fees associated with the Reverse Mortgage. With the right Broker, the reduction in fees most likely will come from the Broker giving up some of their profits and paying the fees out of the Broker Commissions. North Point Financial is one of those Brokers!!! http://www.reversemortgagechico.com.
BEWARE!!!! Know the difference between NO costs, and NO out of pocket costs. NO COSTS means just that, you don’t pay the costs. NO OUT OF POCKET COSTS, usually means that the costs are added to your loan balance!! This means that you are paying the costs!!!! This means that the loan balance will be much higher than the amount of money you get.
OK, now that you are perking your ears up, I have to say it is not all that simple. Brokers can and do manipulate the interest you pay to increase their commissions, so in some cases, you may well be paying those “no costs” with a higher interest rate.
I can tell you that North Point Financial is one of those Brokers who make big concessions in their commissions to pay the Client’s loan fees. You will discover that NPF will pay your costs and at the same interest rate that others may be offering.
Look at our cost example page on the web site www.reversemortgagechico.com. There you can see an actual HUD closing statement and notice that most all the costs and fees were covered with broker commissions. That particular loan had the same interest margin as what others were offering along with their high fees.
You are welcome to email or call to set up a personal consultation, where we will do our best to answer all your questions, as well as answer the ones you should have asked. 🙂
email is firstname.lastname@example.org This is the best way to contact us.
Or call our message line 530 342 1665
Thanks from the folks at North Point Financial