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  • What Is a Reverse Mortgage Quote?

  • A reverse mortgage proposal—often referred to as a reverse mortgage quote—is a document unique to reverse mortgage products. It outlines the basic rules, estimated costs, and potential benefits of obtaining a reverse mortgage through a lender.

    The proposal you receive from your lender is typically a detailed document of approximately 50 pages. It is customized using information you provide, including:

    • Estimated home value or purchase price
    • Ages of all borrowers
    • Property address
    • Type of reverse mortgage selected (line of credit, tenure payments, lump sum, etc.)
    • Payoff of any existing mortgage (for reverse refinance scenarios)

    By law, your reverse mortgage lender must provide this proposal before you apply for a reverse mortgage, giving you the opportunity to fully review and understand the loan.

    Key sections included in a reverse mortgage proposal:

    • Loan comparison: Side-by-side comparisons showing costs, interest rates, and payout options across different reverse mortgage products.
    • HUD-approved counseling list: A list of independent counseling agencies. All borrowers must complete a one-hour counseling session by phone before moving forward.
    • Total loan cost and rate analysis: An annualized breakdown of the overall cost of the reverse mortgage based on projected fees and interest rates.
    • Estimated cost worksheet: A detailed estimate of the total costs associated with obtaining the reverse mortgage.

    At Janus Mortgage, we provide this reverse mortgage proposal at no cost and with no obligation.

  • Reverse Mortgage Quote / Proposal FAQs

    What is a reverse mortgage quote?

    A reverse mortgage quote (also called a proposal) is a detailed document your lender provides before you apply. It outlines the basic rules, estimated costs, and potential benefits of a reverse mortgage based on your specific details. :contentReference[oaicite:1]{index=1}

    What information is used to create my reverse mortgage quote?

    Your quote is based on information you provide, such as your home value or purchase price, ages of borrowers, property address, the type of reverse mortgage you’re considering (e.g., line of credit or tenure payments), and whether you are paying off an existing mortgage. :contentReference[oaicite:2]{index=2}

    What key sections are included in the quote?

    A typical reverse mortgage quote includes:

    • A comparison of costs, payouts, and rates for different reverse mortgage options.
    • A list of HUD-approved counseling services for required reverse mortgage counseling.
    • A total cost and rate analysis showing annualized costs based on your selections.
    • An estimated cost worksheet summarizing expected fees and charges. :contentReference[oaicite:3]{index=3}

    Do I have to receive this quote before applying?

    Yes. By law, your reverse mortgage lender must provide this proposal document before you formally apply for the loan so you can understand the terms, costs, and options available. :contentReference[oaicite:4]{index=4}

    Is there a cost for getting a reverse mortgage quote?

    At Janus Mortgage, the reverse mortgage proposal is provided at no cost and with no obligation. You can contact them by phone, email, or through the online form to request your free quote. :contentReference[oaicite:5]{index=5}