How the Kosher HECM Reverse Mortgage Is Different
||Kosher Reverse Mortgage
||Mainstream Reverse Mortgage
||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
||Calculator shows the best possible estimate of home equity remaining for the senior's estate. More
||Not generally available.
||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.
There are two ways you can receive help from The Mortgage Professor or one of his counselors. You can request someone to call you or you can send a question and someone will email you the answer.
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