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QUESTION:
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GFE |
| Understanding the reverse mortiage GFE. |
 | asked by bren247-b, 2/17/2011 |
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Categories:
Reverse Mortgages
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| ANSWERS: |
| Answered by: Jason B, 02/22/11
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The Good Faith Estimate (or GFE) is an estimation of the amount that you will qualify for, as well as what the interest rate, fees, and other associated costs of the reverse mortgage will be. Provided by the reverse mortgage lender when you first initiate the process of getting the reverse mortgage, it usually comes with an extrapolation of the expected size of the loan over the next 10-30 years. The GFE is only an estimate however, and is eventually replaced by an actual reverse mortgage offer once the property has been appraised and the working interest rate locked down. Login to rate this answer: |
| Answered by: Chris Kreane, 09/30/11
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all of our clients receive a GFE upfront - this shows all the costs involved with the loan and the terms you can expect on your reverse mortgage Login to rate this answer: |
| Answered by: Raymond Denton, 10/16/11
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The GFE, and a few other important disclosures, must be provided to the homeowners within 3 working days of the application being signed. Your Loan Officer should review all those documents with you, including the GFE, and answer all your questions. Did your Loan Officer review the GFE with you? Do you have a specific question about it? Login to rate this answer: |
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