Choosing a reverse mortgage specialist is not easy.
Many seniors fall easily into signing the first proposal or agreement that comes across their lap. When selecting a Lender and Lender Representative to work with consider the following:
- You must attend counseling, which will allow them to gain the most knowledge before entering any type of agreement with a loan specialist.
- The cost of a Home Equity Reverse Mortgage varies from lender to lender and you as a senior should take advantage of that. One lender may charge less fees, which only means more money in your hand.
- One issue that most seniors encounter is the relief of working with a loan specialist face to face It’s certainly satisfying to put a face with a loan application, but this certainly does not mean you are getting the best deal. The luxury of proceeding with a HECM loan is the simple fact that everything can be done automated which allows you to shop around and find the best available deal. The fact that one loan specialist is supplying you with a low cost HECM loan should mean a great deal knowing that he is trying to provide you as a senior with the most available equity that is available.
- You as a senior have the right to know every in and out of a HECM loan, so feel free to ask your loan specialist anything.
- Contact other seniors who have been through the program and ask how their loan specialist treated them. If your friends and family have had a more the pleasant transaction with a certain loan specialist then contacting him may be your best option.
- Homework and study. Do your research on the company and make sure they have been around for a while and have no negative feedback on their establishment. Study the loan specialist attitude and willingness to help and guide you in the right direction.
Reverse Mortgage Loans are a great way to provide additional income and comfortability to a senior. It will allow that senior to live in his/her home for the rest of their life with not having to make another mortgage payment. Don’t forget--as long as you pay taxes and insurance you will have the home for as long as you reside at that home!