Forward Mortgage Loan Vs. Reverse Mortgage Loan!
by Zachary Scott
June 24, 2009
As a Reverse Mortgage Loan Officer I am struck by the downright misconception of both the Forward/Traditional Mortgage and the Reverse Mortgage.
I am always hearing that the Reverse Mortgage is great but ...Watch out for the scams.
The Reverse Mortgage Scam is being frighten out of doing the Reverse Mortgage Loan because of the "glass is half empty" thinking out there.
The Forward Mortgage is a leverage tool, with a little down you get more home than you would otherwise be able to afford.
The Reverse Mortgage Loan on the other hand is a financial planning tool, using a dormant asset (or liability) to do things that you could not enjoy without the extra money.
Both cost money to do, but you should ask yourself what is the actual dollar difference. (penny wise, pound foolish)
Case in point, I have clients that elected not to do the reverse mortgage because they mistakenly thought it cost to much, in favor of a Traditional Forward Mortgage and are now losing their homes.
I think it cost them just about everything, that makes the forward mortgage pretty expensive.
And, by the way not one of my Reverse Mortgage clients are losing their homes and most have a little extra cash.
Remember, you have so called experts that didn't see this economy coming.
My main point is that if you are over 62 years old and are on a fixed income and are looking to borrow money, the only option that makes sense is the Reverse Mortgage.
The forward mortgage loan really can't compete again the reverse mortgage loan!
To find out how much money you are entitled to just call please call...866-309-6626 or fill out the no obligation reverse mortgage company quote form...