For people over the age of 62, a reverse mortgage, which may also be known as a Home Equity Conversion Mortgage (HECM), may be the answer to having cash on hand to be able to enjoy retirement, pay off debt, or even help to address medical needs or cover the cost of home healthcare services for themselves or a loved one. Finding the right reverse mortgage specialists to help you get the best information and mortgage should be an important first step.
Just as you shopped around for a lender for a mortgage when you first bought your home, you should also shop for a reverse mortgage lender. There are some top companies that can provide ethical, honest and transparent services for clients, and there are other companies that may not provide this same level of professionalism.
To help you find the right reverse mortgage specialists for your needs, start by doing your homework. Learn all you can about the lender and never feel pressured into making a decision you are not comfortable with.
Not all traditional lenders offer reverse mortgages; in fact, most companies offering an HECM will focus exclusively on reverse mortgages. Your bank loans officer, a mortgage company you trust or even your friends, family or neighbors can often be very helpful in recommending top companies to work with.
There are also websites that can help in locating a reverse mortgage lender. The Federal Department of Housing and Urban Development, more simply known as HUD, keeps a complete list of licensed reverse mortgage lenders by state.
Once you have a shortlist of potential reverse mortgage specialists to work with, check online for its ratings and reviews. While you can use the company’s website, you should also look at independent forums and feedback sites.
A simple option is to search online using the lender’s name and the word “reviews”. This will bring up a list of any posts, articles or even news stories about the company. This can also lead to learn more about the lender, such as if they are a small local business or if they offer services across the country.
Read the information provided on their website, including any case studies, blogs or informative pages. This will help you to make a list of questions about their services, rates, fees and other concerns you may have.
Finally, take the time to contact your top three or four reverse mortgage specialists. Ask questions, get details and then compare your options before choosing a lender for your HECM.
At Longbridge Financial, we are reverse mortgage specialists offering services to qualified homeowners in 46 states.
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