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How to Choose a Reverse Mortgage Lender

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The choice to get a reverse mortgage is a huge financial decision on its own and you want to make sure that you are working with a reputable reverse mortgage lender. A rule of thumb is to shop around before you make your decision. Take your time with your decision and choose wisely about who you would like to help you as you go through the reverse mortgage process.

How to Choose a Reverse Mortgage Lender

Before you make the decision, here are some questions you could ask yourself before making the decision on which reverse mortgage lender you will choose:

Do you want to work with a large (national) lender or with a small lender?

The answer to this question is based on what you may prefer. While most will offer a similar loan, the differences will be based on the type of service you may receive and the cost of the fees. With a smaller lender, you are able be able to build a closer relationship with your loan officer as opposed to a larger lender. Again, this decision is based on your personal preferences and it is important to shop around.

Do you feel pressured?

A representative from a reverse mortgage company should never make you feel pressured into getting a reverse mortgage loan. The reverse mortgage lender should be there to help answer any and most questions that you may ask. Even if you feel that you are already well-informed about the reverse mortgage program, it would be a good idea to ask your potential lender questions about the reverse mortgage loan. When asking questions, such as understanding what risks you may find with a reverse mortgage loan.Even if you already feel you are well-informed, this will help you determine if this company  you are able to feel if they are being truthful to you

Don’t forget that it is illegal for reverse mortgage lenders to choose a reverse mortgage counselor for you and they should not pressure you into choosing a specific counselor.

Are they a reputable company?

When dealing with finances, you want to make sure that you trust the company that will be working with your money. Choosing a reputable company can also help prevent you from falling victim to scam artists. Do your research on the reverse mortgage companies that you are looking to work with. Most credible reverse mortgage companies would be members of the National Reverse Mortgage Lenders Association (NRMLA), which is an industry organization for reverse mortgage companies. You could use their official consumer site to help look for lenders.

Borrowers should also look to see if the reverse mortgage company that they choose to work with is registered with the Better Business Bureau (BBB), as well as the Federal Housing Administration (FHA) and Department of Housing and Urban Development (HUD).

Are they providing you with information that you need?

The reverse mortgage specialist that you are working with would be able to provide you with all the information that you may need to know about the reverse mortgage. They should not charge you for information that you could otherwise get for free. They will also advise you that you must attend the required reverse mortgage counseling session, in order to show that you have a full understanding of the terms and conditions of the reverse mortgage loan.

If you are interested in learning more about reverse mortgages, you can contact a Senior Advisor at 1-888-808-8486 today!

 Read Related Articles:

Is a Reverse Mortgage Right for You?

Now is the Time to Learn About Reverse Mortgages

Image courtesy of [suphakit73] / FreeDigitalPhotos.net


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