3 Important Questions to Ask Reverse Mortgage Brokers

When working with reverse mortgage brokers, there are a number of things that you will need to clarify. Here are some of the most important questions to ask a reverse mortgage broker.

1. What Is the Interest Rate?

Many people that take out a reverse mortgage do not care what the interest rate is because they are not making payments to the lender. However, this is a big mistake because the interest rate is going to eat into the amount of money that you can borrow. Therefore, you need to make sure that you find the lowest interest rate that you can.

2. What Are the Closing Costs?

You will also want to make sure that you review the closing costs of the reverse mortgage. Closing costs will usually be reduced from the reverse mortgage. This means that you are going to receive less payments, or smaller payments, because the closing costs will reduce your monthly payments. Make sure that you get the best deal that you can on closing costs.

3. How Will I Access the Money?

You need to make sure that you understand how you are going to access the money. Some reverse mortgages pay you a monthly payment while others give you access to a line of credit. Be sure to ask many questions and get everything in writing.