Borrowers looking to utilize their Reverse Mortgage options may find a solid solution at BBMC Mortgage.

Daniel Marske, a Reverse Mortgage expert for BBMC located in San Diego, spoke with U.S. News & World Report about taking advantage of this product.

A reverse mortgage is generally used by borrowers 60 years old or above. The product allows eligible consumers to refinance using the equity they've put into the home. The longer you've owned the property and made on-time payments, the more equity you'll have to utilize.

Marske told U.S. News & World Report about the distinct opportunities for Reverse Mortgage users, as well as things to consider.

On higher Reverse Mortgage closing costs

"For the average reverse mortgage, you're looking at $10,000 to $20,000 in closing costs," says Daniel Marske, sales manager and home equity conversion mortgage specialist at BBMC Mortgage. "These FHA loans have a one-time upfront mortgage insurance premium fee, which is 2 percent of your principal limit."

On whether to file Bankruptcy versus a Reverse Mortgage

In the event that you can't qualify for a reverse mortgage or are struggling financially, Marske says declaring bankruptcy might be the right choice. "When we can't get the reverse mortgage done, bankruptcy may make sense, because it helps seniors stay in their home and reduces monthly debts," he says. "Depending on if they qualify, they can either wipe out their debt entirely or bundle all their debts in the one low monthly payment."

On determining if a Reverse Mortgage is right for you

"Everything always boils down to the homeowner's goals and needs," says Marske. "Even though reverse mortgages can be a life-changing tool for some, it's not the perfect fix for everything. Consumers should do their due diligence, educate themselves and they'll see whether or not it's the right loan for them."

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