Senior homeowners looking to shop the HECM reverse mortgage market for the best price, meaning the lowest interest rate and origination fee, have a major problem. Unlike the standard mortgage market where price data are available from many sources (including third party multi-lender sites), in the reverse mortgage market prices are hard to find.
The other day a reader caught me off guard by saying she had counted 28 articles on adjustable-rate mortgages on my website, but all of them pertained to standard mortgages. Not one applied to reverse mortgages, and she wondered whether that was because the issues were exactly the same. I winced at that, because the issues are not the same -- not even close.