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Comparing Reverse Mortgages

If you are trying to find a website that allows you to compare reverse mortgages, you can find what you need at any reputable online bank or mortgage company. Just to give you an idea of how the comparison chart is set up, here is an example.

Let's assume you find a site that offers three mortgage companies offering reverse mortages. What you will find under each company are these headings followed by the services they provide.

Security for Loan

Reverse mortgage must be in first position; any other mortgage must be fully paid-off within specified time of closing

Loan Counseling Required?

Yes-counseling required by an approved Fannie Mae or HUD counselor

Payment Options

Line of credit (borrower draws funds as needed)

Restrictions on Use of Loan Proceeds

None - unless loan was contingent upon making property improvements

This chart can be a useful tool as it lays out the questions you will need of these companies. In addition, you can make your own chart using questions that you feel are most important to you. This is simply a guide to show you that a chart of this kind can help you decide what company offers you the best deal.

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