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.
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