Understanding Your Monthly Reverse Mortgage Statement

You spent months contemplating taking out a reverse mortgage. You went through the counseling session, provided the necessary paperwork, had your home appraised and finally closed on the loan. Shortly thereafter, you receive your first “Monthly Reverse Mortgage Statement” in the mail. While your statement may appear complicated at first glance…

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How to Increase Your Reverse Mortgage Appraised Value

One of the primary contributing factors that determines how much money you can receive through a reverse mortgage is the appraised value of your home. After you complete your application, your loan will enter the processing phase. During this phase, the mortgage company will complete numerous tasks that will prepare for your loan to be reviewed by an underwriter. One of these tasks is ordering and receiving the report that determines the estimated value of your home, otherwise known as the appraisal.   Not only does the appraiser…

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