As with your first home mortgage and all major purchases, you need to shop around when considering a reverse mortgage to ensure that you are getting the best rate available. Talk to your family and friends, use mortgage calculators online and preview rates on various websites to be well on your way to finding some great mortgage rates for your reverse mortgage.
Before you begin your search for the perfect reverse mortgage rates, you should determine what kind of reverse mortgage you want and that will work best for you. There are several options in payments such as taking a lump sum payment or monthly payments. It is important that you know all the details to know what will be in your best interests. For example, if you take your payment as a lump sum you will not be entitled to any interest rates whatsoever. This is just one of the many factors you need to consider in your quest for a great reverse mortgage with excellent rates.
Check out a reverse mortgage calculator online. Places like the AARP website have a calculator that is free and to use you simply answer four questions about your age, the age of your spouse, the value of your home and provide your zip code. In short order, the calculator will crunch some numbers giving you an estimate of what reverse mortgage rates you should get.
While an estimate is great, in order to really know the nitty-gritty details, you need to talk to a lender who will give you specific rates relevant to your unique situation. To find a lender you can trust, ask your family and friends for recommendations and then contact the multiple companies until you find one that has the reverse mortgage rates you want and that you feel comfortable working with to secure your reverse mortgage loan.
Our educational learning series about senior finances will give you information about reverse mortgages and many other relevant topics. You can feel secure that the reverse mortgage lenders in our directory are registered and in good standing. The goal is to educate about reverse mortgages and assist in the next step of speaking to a reverse mortgage lender. If either taxes or insurance lapse, it could result in a default on the reverse mortgage.
To find relevant details on something specific such as reverse mortgages ask your friends and co-workers for info they may have found out on it. You can also look up various groups on the web that discuss things such as newsgroups and forums. There is one on so many topics and you can post your own question. See below for more information on Reverse Mortgage Rates.