A Good Faith Estimate is one that lists all fees paid before closing, all closing costs, and any escrow costs you will encounter when purchasing a home. The lender must supply it within three days of your application so that you can make accurate judgments when shopping for a loan.
If you own your home, a reverse mortgage loan will pay you in monthly advances or through a line of credit. Reverse mortgages convert home equity into cash with no repayment required for as long as borrowers live in their homes. Because of the complex nature of reverse mortgages, you may wish to seek the advice of an attorney, financial advisor or accountant before taking out this type of loan.