Though most people pay attention to the effect of the mortgage rates on the monthly payments, the closing costs
when moving into a new home are often ignored.
At a mortgage lending firm, borrowers are much more likely to close escrow, complete the transaction and get
moved into their new home on a practical timeline.
Usually when
people move into a new home, they want to bring in new furniture and make some changes or upgrades in the home, such as painting or adding curtains or carpets.
Because reverse mortgages are meant to help seniors age in place, you must
move into the new home within 60 days after closing, and the new home must become your primary residence.
On a personal level (but affecting my finances), I have an upcoming
big move into a new home, which can be expensive even though my monthly rent will decrease.