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How financially stable are reverse mortgage lenders?

Homeowner questions monthly service fees

DEAR BOB: Ever since you began writing about senior citizen reverse mortgages, I have saved every article. Now I'm ready to get one. On the Internet, I filled out the requested forms for information and suddenly felt like a pot of honey surrounded by hungry bees. Within 36 hours, four companies responded. One agent said there is very little difference between one reverse mortgage company and another. Another company wants a $35-per-month service fee, but a different company wants only $25 per month. What about termite inspections and maintenance? How stable are these reverse mortgage companies? Could they go broke? – Tom L. DEAR TOM: There are three nationwide reverse mortgage lenders: FHA (the most popular), Fannie Mae, and Financial Freedom Plan. But their reverse mortgages are originated by local mortgage brokers and mortgage bankers. Those were probably the persons who contacted you. Purchase Bob Bruss reports online. The safest place to find a reliable reverse mortgage or...

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