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But if the same homeowner takes out a reverse mortgage at age 62 in order to delay claiming Social Security early, by the time he or she turns 69 (seven years is the average term of a reverse mortgage), the loan costs will be roughly $31,900, or about $2,300 more than the lifetime amount of money gained from an increased Social Security benefit if the consumer lives to age 85.
Pfau also noted that the perception that the borrower loses the title to the home when he or she takes a reverse mortgage is a myth.
That alone may be enough to make some of your clients want to consider a reverse mortgage.
Prior to joining Reverse Mortgage Funding, Stewart served as a Reverse Mortgage Consultant at AAG.
While advertisements in general frequently do not describe all the details of the particular product or service being sold, the incompleteness of reverse mortgage ads raises heightened concerns because of the vulnerability of the target audience, says the CFPB.
Reverse Mortgage Funding is an independent provider of HECM products, offering flexible solutions, industry insights and responsive service to its partners.
A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell the house.
To qualify for a reverse mortgage, you have to be 62 or older and own your home outright or have a low-enough mortgage that it can be paid off with proceeds from the loan.
Previously, he was a Reverse Mortgage area sales manager for Bank of America (NYSE: BAC) after starting his career with Wells Fargo Home Mortgage (NYSE: WFC).
RMF originates and services reverse mortgages in 47 states and jurisdictions through its retail, wholesale and third-party channels.
But to put this in context, only 2%-3% of eligible homeowners have a reverse mortgage.
Other factors that had detracted from reverse mortgage proposals in the past included a nationwide decline in home equity that could result in a higher mortgage insurance premium to cover the lender's loss.