As we all get older, we begin to place a higher priority on our personal finances and establish plans to reach our financial goals. If you want to finally buy your dream vacation home, establish a trust fund, or help your children with their early finances, a reverse mortgage is right for you. With so many reverse mortgage companies out there, it’s hard to find the ride lender that fits your preference, which is why Idaho Reverse Mortgage is here to ease the decision!
The most common option for individuals looking to get a reverse mortgage is to search the Department of Housing and Urban Development (HUD) website. On this site, there is a HUD lender list search option which breaks down over a dozen different filters to help find the right lender for you. When searching for the right lender, make sure you input all the correct information so you get paired with the best fit!
One of the most critical decisions for every individual considering a reverse mortgage is the price they will have to pay. While a reverse mortgage isn’t necessarily cheap, some companies are better than others. Loan rates are changing constantly throughout the year, so a quote from lender A at the beginning of the week may very well be different then lender B by the end of the week. After comparing price points, comparing each lender’s TALC (Total Annual Loan Cost) to others will help ease the decision.
There are 3 different types of reverse mortgages to choose from and it is very important that you classify which one you are looking for. Between a single-purpose reverse mortgage, home equity conversion mortgage (HECM), and a proprietary reverse mortgage, the most common is the HECM. Research the different loan types available to see which one fits your needs, maybe even a jumbo reverse mortgage!
Of course, there are dozens of more factors to look at before picking the right lender for you, but we hope this article was a good start to get your search going. Here at Idaho Reverse Mortgage, we pride ourselves on giving you the best experience possible with the most affordable quote available to you. Get your free quote today and we will be in contact with you as shortly!