Question:

Should I contact a reverse mortgage specialist before I sign my reverse mortgage?

Answer:

Reverse mortgage counseling is obligatory anyway, if you are signing a reverse mortgage.

A HUD reverse mortgage specialist may consult you for free, or you may be consulted by a private reverse mortgage specialist for a fee.

Consulting a reverse mortgage specialist does make a difference. They will tell you how to get a reverse mortgage with good terms and how to use wisely the additional income stream coming from a reverse mortgage so that you not only cover additional expenses you may have, but make some investment, as well.

Also, there are three major types of reverse mortgages that you will need help to make a choice with the help of a reverse mortgage specialist. Usually, you may get a HECM with HUD, a home keeper mortgage with Fannie Mae, or a private reverse mortgage. All three have different closing costs and offer different payment options.

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