How the Kosher HECM Reverse Mortgage Is Different
Kosher vs Standard HECM Mortgage Comparison
|Feature||Kosher Reverse Mortgage||Mainstream Reverse Mortgage|
|Price Transparency||Yes, lenders post complete prices on this site. More||No, lenders keep their prices under wraps|
|Guidance on Options||Best, based on state-of-the-art calculator and guidance from disinterested experts. More||Hit or miss, seniors consult loan officers selected primarily for their sales skills|
|Equity Remaining||Calculator shows the best possible estimate of home equity remaining for the senior's estate. More||Not generally available.|
|Price Competition||Yes, seniors can select the best price on their desired HECM option from those offered by competing lenders. More||No, almost all seniors accept the prices of the one loan provider they contact.|
|Price Lock Protection||Yes, locked prices must be identical to current prices, which seniors can check. More||No, lenders can cheat with impunity when they lock.|
|Availability of Low-Cost Loans||Yes, lenders compete with regard to origination fees as well as interest rates.||Maybe, depending on the lender.|
|Availability of Shopping Guide||Yes, seniors who go through the kosher process end up with the data needed to shop the mainstream market.||Not a chance!|
|Availability of Ombudsman||Yes, the professor and his colleagues will act as ombudsmen if issues arise between the senior and the lender.||No.|
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