The #1 Mistake
Seniors Make?
....
NOT Comparing
2-3 Reverse Mortgage Quotes.
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Reverse Mortgage Comparison Shopping Made Easy!
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Receive free no obligation reverse mortgage quotes online at no cost. ClickQuoteSave is a privately held independently operated quote comparison website for seniors. Our Technology does the hard work of analyzing lenders fees and rates for you instantly!
Thank you in advance for choosing Click Quote Save for comparing reverse mortgage quotes. Let's jump right in...
Reverse mortgages, also known as a Home Equity Conversion Mortgage, allow you to convert a part of your home's equity into tax-free money. The FHA (Federal Housing Administration) insures these loans. Roughly 95% of the market are FHA reverse mortgages.
Private reverse mortgages, such as jumbo reverse mortgage loans, make up the rest of the market.
With any reverse mortgage, there are no restrictions on the use of funds. The funds come from the equity available in the property. Equity is the money you have tied up in your home. To calculate, subtract any existing loans by the value of the property.
What makes a reverse loan so unique is the option to skip payments. Any payments skipped gets added to the loan's balance along with interest. Known as reverse amortization. You see the reverse mortgage is a loan but with an option to skip payments. You may skip the payments for as long as you live you may. There are no penalties for skipping the program was designed to give seniors the option to skip!
What you can't skip are the properties maintenance, taxes, insurance, and repairs. This is also true even if you don’t have a mortgage. Skip your property taxes and you could lose your home to foreclosure.
Some heirs are worried about their inheritance. Long-term real estate prices tend to increase at a rate faster or close to the interest rates charged by lenders. The end result, is you have the same amount of equity left in the property. The funds are not only tax free but have no limitations. So you can actually gift money to your heirs and see the positive impact.
Worst case scenario is you actually received more money from your reverse than the home is worth.
The good news for your family is that if this happens, the loan has a feature that protects you in this case. Reverse loans are non recourse which means that the lender cannot go after your family for any extra money after selling the home . So if you received more than the property is worth, your heirs won't have to repay the difference. How about that for peace of mind?
Reverse mortgages allow you:
1. The option of skipping your mortgage payments for as long as you live.
2. The ability to release tax-free cash out of your property.
Very important to note, that the funds received are not taxed. They won’t report as taxable income to the IRS because this is a loan. Now ask yourself, by skipping your mortgage payments, how much extra will you have to save/invest/spend in your retirement ?
This is often overlooked by senior and may help you create your dream retirement lifestyle. Having an extra $24K in income yearly may allow you to do things you had only previously dreamed of. Knowing that if you skip your mortgage payments there are no bad consequences, that is true peace of mind!
Many seniors have enough equity in the home to also include other debts like the car loan, medical bills, credit cards. Also, calculate how much you are going to save by not paying those bills when making your decision of whether or not to get a reverse .
Just imagine for a second not having to worry about your monthly mortgage payment. Or having access to a credit line so you can always have the cash you need when you need it.
The reverse credit line is also very unique in that any funds not used grow over time. This acts as an investment on your behalf. For as long as you don’t spend the money the credit line is growing month over month in value. IF your credit line ever becomes greater than the home’s value that will be a greater asset than your home. Now unlike normal credit lines, the banks cannot freeze this money. This is something that impacted many in the last recession but it’s not a concern for reverse mortgages.
Why is now is a great time to get a reverse mortgage?
1. Interest rates are still very low.
2. Home prices are near an all-time high.
Unfortunately, there isn't more room for rates to decrease. They are already at rock bottom. This means that there is only one direction they are headed and that is higher. The US Fed’s are already increasing rates so the time to act is now!
Home prices are also reaching peaks never reached before. Many of the world’s smart financial analysts are predicting a major market crash (real estate + stocks) . Are you better off taking action now when property prices are high and stable? Or taking a gamble and seeing if these predictions come true? The former is the safer option.
Markets are cyclical and what goes up must come down. Be careful with trying to perfectly time the markets. As we said above right now happens to be a perfect time to get a reverse mortgage based on the two factors (low rates, high home values).
How are you going to spend your retirement through a reverse mortgage? Many spend more time with their family and grandchildren. Others are happy to have a huge reduction in stress from finally not worrying about money. Have you ever wanted to take a vacation abroad? Well, many seniors are doing all the above directly because of this loan.
This program does seem to be good to be true, but please note that yearly on average some 60K seniors are getting a reverse mortgage. That’s about 5,000 seniors per month that are making the same decision as you!
Now unfortunately not everyone will qualify for this loan option.
Borrowers have must be 62 years or older. If one person is under 62 on the title it is still worth getting a quote as many states will allow this.
There must be enough equity in the property. To calculate the available equity simply divide your existing mortgage balance (if any) into the home's current market value. If you owe less than 50% this is good news, owe more and you may not qualify. For e.g, you owe $200K, and the property is worth $600K, your loan to value (ltv is 33%) ($200K/$600K). The less you owe the better, and the more your home is worth the more you will be able to access.
Please note that even if you don't have an existing mortgage you qualify for a reverse mortgage. Not having a mortgage on your property is actually great news for you because you will be able to access more of your equity .
Credit and income are reviewed through financial assessments. Lenders want to make sure you can afford to pay for the property taxes/insurance/maintenance for as long as you live. Your credit score is also a good indicator of your financial health, so lenders will have a look at your credit scores .
Frequently Asked Questions (FAQ}:
What mistakes do seniors make when getting a reverse loan? NOT comparison shopping different reverse mortgage lenders. This is the number one most critical mistake made. We get it, calling different lenders and manually getting offers is a real pain. This is why we have built technology around this problem to help you get matched with reputable lenders that can save you time/money/energy !
How many quotes should I get? If you are not going to use our website, we recommend getting up to four quotes. This may take you 4hr-8hr so it's a real time commitment. When you use our website it takes less than one minute to complete the form and our tech will match you to the very best lenders for your loan. Rest assured through our network of 30+ reverse mortgage companies they will provide you with the most competitive quotes.
Is it better to get to work with a larger lender or a smaller one?
Honestly depends on the quote you are being offered. This is case by case. We know to provide you with quotes from both large and smaller lenders to see who will be most competitive. Some small companies charge more than larger companies and vice versa. Size is not a good indicator of you getting the best possible deal.
How will I receive my quote? Very important for seniors to request a quote in writing. Whether by mail or email. This helps to make decisions much easier and you have something to refer to when speaking to the lenders. Reputable lenders will provide you with a written quote upon your request.
How do I compare quotes? It's very important that you compare apples to apples. You should request the same quote from different lenders. For e.g, if you want the max cash out lump sum make sure to request this as the quote (vs comparing that to the monthly payments option) . This helps make the comparison easier. Three things you want to analyze and compare when you receive your written is the APR (annual percentage rate – this is the actual interest rate charged on the loan), fees, and how much money will be available to you at closing the loan .
Should I get a local bank quote? Unfortunately, most larger banks no longer offer reverse mortgages. We may have local lenders to you on our platform but larger banks are not involved in this industry. The likes of Wells Fargo, Chase, Bank of America are not doing reverse loans.
Get the best possible deal on your reverse mortgage. Lowest fees. Lowest interest rates. Highest Payout.
About Us
What Sets ClickQuoteSave Apart? Getting quotes and comparison shopping the market to save you money is our business. We are very proud to provide consumers with a free service that can save them time and money when looking for mortgage or insurance quotes online. We will only show you the best quote (you won't receive 5 calls either). Easy to digest articles (no industry jargon here), videos, tools, and calculators online all free to use. Our main goal is to bring transparency and a better way for those interested in comparing mortgages, reverse mortgages, insurance, annuity quotes, without having to spend countless hours manually comparing quotes. The process of calling 5 companies can take hours. Have an existing quote? We will find you a better one. We are building the easiest and best financial services comparison website in the US.
ClickQuoteSave has developed technology that works hard to save you thousands in closing costs/ fees! With our free HECM comparison service, we will compare the HECM quotes then only provide you with the most competitive one to not waste your time. We are ONE of a handful of websites that provide seniors in America with a free, unbiased comparison of the top FHA approved HECM lenders in 2018.
The banks don't want you to know that by comparison shopping you can SAVE $6000 off your origination fees and CQS has already secured a lender that will waive all origination fees for qualified borrowers... The best part is when you deal through our website there is no haggling involved and the process is extremely easy and user friendly. We treat all seniors like we do our parents, this site has been developed with ONE goal in mind to find you the best deal on reverse mortgages.
One point we can't stress enough is how much savings there are when you comparison shop. Armed with insider knowledge and over five years industry we apply all of our knows how to securing you the best possible rates and lowest fees. CQS is supported directly by the competing lenders, so we can offer our services free of charge to seniors. We save you money and time; you won't pay us a penny, our service is 100% free. Also, we encourage you to keep our lenders honest if you find a better quote we will not only meet it but beat it.
A quote is not a quote. Seniors beware of the bait and switch with unscrupulous lenders. When a CQS partner lender gives you a quote, it will be in writing. Beware of receiving a certain price and then after you pay fees (such as appraisal) the lender will try to strong arm you into a bad deal. Do not take this and give us a call immediately. We will help you apply that appraisal to a new lender that won't play games and will save you money guaranteed in writing, no funny games.
We are not new to this market for the past three years we have helped thousands of seniors to receive free quotes and to make a decision as to which lender to choose. All decisions are made based on the financial of the deal and not on emotions or backdoor deals.We currently have $0 in debt, and our mission and goal are aligned with the seniors. We have the knowledge of working with thousands of quotes, so we know what to avoid and what to compare between the banks.The number one advice we can give any senior who is seriously considering this as a financial retirement option is to use our free quote comparison service. By doing so, you are securing the best HECM loans. We encourage you to compare the loans we find you to any local lender or broker you may know. Every single bank will charge a different interest rate depending on the program you choose (Fixed or Adjustable rate).We are not a lender, not bankers, not brokers – this is great news for you as we have no interest in making you choose any one particular reverse mortgage loan (or reverse mortgage bank). We currently have one of the largest networks of HECM reverse lenders who will compete (we check their reverse mortgage interest rates, closing costs, location before connecting them to you), and we only allow for the best HECM quote to reach your inbox.
There are many factors that go into getting the best quote. Most seniors central focus, when getting a reverse mortgage, is to work with someone locally, but this is not the most important factor. Working locally makes sense for a typical mortgage, but the differences in quotes for HECM loans is so large that seniors should focus on getting the best deal period (does not have to be a local lender). We have found nationwide lenders who do loans in all states that offer fabulous rates. Choosing the wrong interest rate or offer will cost you tens of thousands of dollars extra over the life of the loan.
The actual HECM reverse mortgage program is insured by FHA (Federal Housing Administration), and they monitor and have restrictions on some fees so that lenders cannot take advantage of seniors.
We recommend not only a number of offers to be made, but that the lenders are off different sizes such as a large company, a broker, and a direct lender. The variety of quotes can add to the complexity of analyzing the offers but ultimately will result in a better comparison of the market.
Thousands of seniors have trusted ClickQuoteSave in comparison shopping HECM reverse mortgages over the years. You could technically spend all day calling up top reverse mortgage lenders; there are many hundreds to choose from in any one state. We have existing relationships and technology which allow us to get your quote through multiple banks at a much faster rate (we now compare up to 10 lenders at the same time – best part is that you will not get bombarded with calls/emails since you will only receive the best quote).
In some instances, we can even offer special’s which cannot be found with other lenders directly. We have offered a no fee reverse mortgage loan exclusively through some partners. Current interest rates are still very low, so we urge seniors who are thinking about this option to consider getting a calculated breakdown of how much they qualify for as soon as possible. Interest are expected to increase, and we are off historic lows. We are dedicated to working with large lenders to offer the lowest pricing and exclusive offers. Should you find a cheaper quote elsewhere, please let us know so we can improve on our quote system. To get a free analysis, please complete the very short form at the top.
Receive a Free Reverse Mortgage Quote. Our Technology does the hard work of comparing lenders fees and rates for you!
Comparison shopping top HUD approved reverse mortgage lenders to receive the best quote? CQS has developed technology that works hard to save you thousands in closing costs/ fees. With our free HECM comparison service, we will compare the HECM quotes then only provide you with the most competitive one to not waste your time.
The number one advice we can give any senior who is seriously considering this as a financial retirement option is to use our free quote comparison service. By doing so, you are securing the best HECM loans. We encourage you to compare the loans we find you to any local lender, or broker you may know.
If you determine that getting a reverse mortgage is the answer to your household budget concerns, Click Quote Save will help you secure the " Best Interest Rate terms and Lowest closing fee's "
Click Quote Save was founded by principals that are very familiar with the home mortgage industry, especially reverse mortgages. We know that reverse mortgages are much more profitable for the lenders in the form of profits made by marking up the interest expense than conventional home mortgages.
One sign of excessive price gouging would be heavy closing costs aside from the normal FHA mortgage insurance fee's that must be paid to secure the loan.
In fairness to the Lenders, after the unbearable mortgage crisis which began in the second half of 2007, the cost in man hours and time just to close one loan has gone up considerably with the onset of so many new rules and regulations in the form of new lending guidelines laid out by the "Frank-Dodd Act", but that does not mean it is okay to charge each and every client as much as possible.
Making sure you get a fair shake is our purpose. We (Click Quote Save ) are here to help.
CQS works with and is affiliated with many lenders licensed in every state in the country.
For reverse mortgage lenders to join and qualify for our national network, each reverse mortgage lender must agree to abide by strict Federal home mortgage lending Guidelines (rules) set forth by the Federal Government in the form of what is called, "Fair trade practices "This means NO PRICE GOUGING!
Our national ranking represents an undeniable commitment to dealing with the elderly in a proper and dignified manner or else, and Lenders that we feel are practicing price gouging will be cut from our network immediately
Our quality control department will contact every potential reverse mortgage customer that is seeking help and spend all the time we have to with you to make sure you understand the reverse mortgage program, are properly educated and have all your questions answered properly in order to make certain that the reverse mortgage program you choose is suitable for you and your family
CQS cares and is committed to your best interest as well as the best interest of your heirs.
We are not a lender, not bankers, not brokers – this is great news for you as we have no interest in making you choose any one particular reverse mortgage loan (or reverse mortgage bank). We currently have one of the largest networks of HECM reverse lenders who will compete (we check their reverse mortgage interest rates, closing costs, location before connecting them to you), and we only allow for the best HECM quote to reach your inbox.
There are many factors that go into getting the best quote. Most seniors central focus, when getting a reverse mortgage, is to work with someone locally, but this is not the most important factor. Working locally makes sense for a typical mortgage, but the differences in quotes for HECM loans is so large that seniors should focus on getting the best deal period (does not have to be a local lender). We have found nationwide lenders who do loans in all states that offer amazing rates.
We currently have one of the largest networks of HECM reverse lenders who will compete (we check their reverse mortgage interest rates, closing costs, location before connecting them to you), and we only allow for the best HECM quote to reach your inbox.
There are many factors that go into getting the best quote.
Most seniors central focus, when getting a reverse mortgage, is to work with someone locally, but this is not the most important factor. Working locally makes sense for a typical mortgage, but the differences in quotes for HECM loans is so large that seniors should focus on getting the best deal period (does not have to be a local lender). We have found nationwide lenders who do loans in all states that offer fabulous rates. Choosing the wrong interest rate or offer will cost you tens of thousands of dollars extra over the life of the loan.
The actual HECM reverse mortgage program is insured by FHA (Federal Housing Administration), and they monitor and have restrictions on some fees so that lenders cannot take advantage of seniors.
We recommend not only a number of offers to be made, but that the lenders are off different sizes such as a large company, a broker, and a direct lender. The variety of quotes can add to the complexity of analyzing the offers, but ultimately will result in a better comparison of the market.
External links:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmlenders