“Shopping” for a Reverse loan is not anything like “shopping” for a traditional mortgage due to the complexity of the pricing and how the amount is initially calculated.
People are accustomed to shop for a mortgage based upon the interest rates and Points and making many phone calls asking about rates and fees from Lenders or Brokers and spending countless hours on the Internet “looking” for the best deal.
(But you can’t apply this technique as you would if you were looking for a new television, because you would probably buy it the day it is advertised at whatever the price is at that time.)
The problem with using this approach for researching Reverse loans or traditional mortgages, is that it simply isn’t a reliable technique and using this method will only end up making the search confusing and overwhelming.
Plus, unless you are actually signing a set of loan documents (AND THIS IS CRUCIAL) on the same day someone gives you a “dubious” quote (And I have to say that, because they are trying to lure you in, telling you what you want to hear), it doesn’t matter.
Because my article is a bit long, I won’t post all of it here but instead share it in subsequent posts.