The latest in a series of articles spotlighting the top reasons to get a reverse mortgage, the Huffington Post recently offered some additional guidance to readers who might be interested in learning more about these loans.
The article provides five questions consumers should keep in mind when weighing the prospect of getting a reverse mortgage, including what fees are associated with these loans, how long the closing process takes, and how the loan proceeds are distributed.
“As with any loan, reverse mortgages will have some fees that are associated with them,” the article states. “But these fees can be different than other loan types. Naturally, you’ll want to know what fees that you will have to pay out of your equity funds before they are disbursed.”
The article also suggests that consumers inquire about interest rates, asking questions like what will this interest rate be, and how much this interest will cost over the lifetime of the loan.
Read more at the Huffington Post.
Written by Jason Oliva