From The NxGen Family Office
My wife and I did our Reverse Mortgage in 2015. Have no complaints. I worked with a Broker that worked with us. He educated and patiently worked through our situation and the appropriateness of the concept, terms and conditions for us. You can imagine, me a retired-mortgage banker (a know it all) still needing help. Regardless, through the process I felt he appreciated my professional background and experience. When it really hit him he was not dealing with just any "mushroom in the forest" his posture changed; especially when I asked him for not just a copy of the 'estimated closing statement', but a detailed breakdown of fees we were to pay at closing; but, all would be wrapped into the loan. Still, my experience told me I needed to scrutinize a certain category of "fees" that must contain the amount of money the Broker receives from the Mortgage Banker for originating and packaging the Reverse Mortgage loan. Not just "junk fees". This is the 'holy grail' that if you're NOT in the family (mortgage profession) you would and will never know. Regardless, to make a long story short. I was astounded at the profitability of the RM Loan Product. The category of fees in question on our loan was 12% on the borrowed amount. When I could "see" this I was stunned. But, what to do?
Well, we resolved matters equitably and closed the loan and have never looked back. If terms and conditions are like what we experienced, I absolutely suggest it to be beneficial to invest the time in learning about an excellent option for us OK Boomers. If you would like to know further details that can save you thousands in closing costs, feel free to contact me. I'm willing to share since it's my personal experience.
Our mortgage is with AMG (now RMF: Reverse Mortgage Funding, Lansing MI) and they've been absolutely great in closing and servicing our loan for the last 7 years.
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