Reverse Motiage

The statistics on this question vary, but to the best of our ability to determine, only a very small proportion of reverse mortgage prospects cancel the process after beginning it. Generally they do so either because they've thought better of proceeding after going through the counselling process, or because the appraisal on their home did not come back with as much value as they thought it would.

I would say only a very small amount of applicants drop, because by the time they contact a lender/bank this insution will review the loan and determine wether they should be considering this option or wether they have better options. Most seniors who go through the mandatory counseling have already decided to go ahead with the reverse mortgage, and now that counseling is not free this number will only decrease ( number who don't go through with program) So to recap - there is a high number of seniors that within the first initial call decided to not to continue, but those who have spoken to their lenders will most likely continue with the counseling and eventually get a reverse mortgage