Reverse Mortgage Lenders
What Should I Look For When Selecting A Reverse Mortgage Lender?
In order for your reverse mortgage experience to be the best it can be, it is important to select a good reverse mortgage lender. Though they are few and far between, an unscrupulous lender could make the experience unpleasant.
Review The Paperwork!
Make certain that you verify before signing that all paperwork is accurate and complete. If you find any errors, make the reverse mortgage lender aware of them so that they can correct the information.
Listen to Your Instincts!
Your first impression of the lender or specialist with whom you will be working is extremely important. More than likely, if you do not feel comfortable with them, you will not feel comfortable with the financial product you obtain. You want a reverse mortgage lender with whom you can feel at ease and trust them to help you in securing your financial future.
Remain Aware Throughout The Process!
Make certain to continually assess the lender. A lender that pressures you into an option without regard to what you want may not be looking out for your best interests.
Pay Attention To Cross-Selling Efforts
Some unscrupulous reverse mortgage lenders will attempt to sell you different financial products that are not in your best interest. Keep in mind that reverse mortgage proceeds are yours to do with as you please. In order to hinder this practice, The Federal Housing and Stimulus Act of 2008 contains a provision which restricts inappropriate cross-selling to reverse mortgage applicants.
Take Reverse Mortgage Counseling Seriously!
If your lender tries to explain that counseling is not important, be wary. Counseling is mandatory for a federally-insured reverse mortgage. If you do not have to attend counseling, your loan will not have the benefits that come with a federally-insured reverse mortgage.
Get All Your Questions Answered!
A reverse mortgage is an extremely unique product that raises a lot of questions with many people. A reputable reverse mortgage specialist will be able to answer any and all questions you have completely. Sometimes, there may be something you ask your specialist to which they do not know the answer. At this point, the lender should admit they are not certain of the answer, but would be happy to find it out for you. If your specialist is dodging your questions or not answering things completely, it may be wise to seek a new reverse mortgage lender.