A reverse mortgage proposal or quote is unique to reverse mortgage products. It lays out the basic rules, costs and benefits of getting reverse mortgage from your lender. The document that you will get from your lender will be about 50 pages in length and will be based on criteria laid out by you, including:
Home Value/Purchase Price
Age of Both Borrowers
Address of Property
Type of Reverse That You Want (Line of Credit, Tenure, etc.)
Payoff of Existing Loan (Reverse Refinance)
Your reverse mortgage lender must give you this document before you apply for a reverse mortgage.
The most important documents in it are:
The comparison. This outlines the costs, payout, rate, etc., of several reverse mortgage products, side by side, so that you can make good decision.
List of mortgage counseling services. You will be required to go through counseling, a one hour session by phone, to review the benefits and costs of a reverse mortgage. You will choose from this list the company to do this with.
Total loan cost/rate analysis. This gives you the annualized cost of your new reverse mortgage based on the total costs and the rate that you have selected.
Estimate of costs worksheet. This shows you the estimated total cost of doing your new reverse mortgage.
We here at Janus Mortgage, give this proposal for free. Please call, email or click below to get your your free quote.
Janus Mortgage Corporation is a mortgage broker licensed in the State of California, under the auspices of the California Bureau of Real Estate license number 02038085 and the National Mortgage License Registry NMLS Number 1690954, . All offers for loan programs are made for loans on California properties only.