Deciding to venture into a reverse mortgage is a major decision. When choosing whether or not one is right for you, qualified advice is invaluable; so too is selecting a loan originator who is well versed in all aspects of reverse mortgages.
A loan originator must adhere to strict ethical conduct. They must inform you of all the terms and conditions of the loan clearly and with the utmost respect of your needs and goals. They must not pressure you or steer you into another type of loan, such as an annuity, that might not be in your best interest. If you sense you are being pressured, feel free to shop around. It is your decision; only you can decide what is right for you.
Knowledge is power. Read up on reverse mortgages before consulting with a loan originator. This will not only save time, but could help you get a better deal. A good place to start is our Top 10 Reverse Mortgage Questions. We’ve also provided a list of Reverse Mortgage Resources.
Reverse Mortgage Resource
AARP free information on reverse mortgages
Housing Counseling Clearinghouse
The Eldercare Locator: Local Resources for Older Adults
Federal Trade Commission (FTC) to report possible fraud
Phone: 1-877-FTC-HELP (1-877-382-4357)
We realize that a reverse mortgage may not be right for you. We encourage you to explore your options. If, for example, you wish to remodel your kitchen, a different type of single-purpose loan might be more appropriate. If however, a reverse mortgage would suit your needs, we invite you to contact us. An experienced loan originator will walk you through each step of the process and answer any and all questions you may have.
We wish you good luck and good fortunes.