Senior Citizen's Guide to Pittsburgh 2017 Summer/Fall Edition - page 34

32
www.
BoomersResourceGuide
.com
Reverse mortgage lenders ag-
gressively push seniors to take
the proceeds in a lump sum so
they can earn interest on a high
loan balance
By law a loan originator must
present all options that are avail-
able to you.
Counselors are in cahoots with
the Lenders and only there to
make sure you take out a reverse
mortgage
Untrue. Counselors must be
independent and are tested and
certified by HUD. A counselor’s
responsibility is to the borrower,
not the lender.
Reverse mortgages are expensive
Reverse mortgage fees are simi-
lar to those for any other mortgage
product. The one additional fee is the
Mortgage Insurance Premium, which
is paid to the government mortgage
insurance fund to protect you in the
event the loan balance grows larger
than the value of your home.
For more information, view
the longer version of this article at
.
Article provided by Randy Davis, NMLS
# 489472, Certified Reverse Mortgage
Professional at Dollar Bank, www.
dollarbank.com/reversemortgages.
Source: National Reverse Mortgage
Lenders Association.
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