Citizens Mortgage offers seminars every few weeks which go over the Reverse Mortgage process in great detail.
They charge no origination fees, Companies which advertise with Fonzie or Fred Thompson charge thousands in origination fees.
Hubby was a mortgage broker for years before the Mortgage fiasco in 2007. We attended the seminar because he was very interested in learning about this product and if it is indeed as dangerous and desperate a measure as we had heard previously.
The facts are very interesting. Your heirs are not negatively effected at all. The mortgage insurance covers the deficit if there is one. They are in no way responsible for any neg. equity. And positive equity in the home at the time of the death of the last borrower belongs to the heirs.
It is gov't insured and actually a very interesting product. Could be a great choice for certain situations.
Check out their seminars. They are very upfront about fees, interest rates, limitations etc.
good info!
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