If your have decided to apply for a reverse mortgage on your home, you are properly, like millions of senior citizens, facing retirement with far less financial security than you had anticipated. Of so, the last thing you want to do is have your reverse mortgage financed by a less-than-scrupulous company.
It's a sad reality that reverse mortgage scams abound, and that it's not unheard of for reverse mortgage companies to charge people in the market for reverse mortgages exorbitantly high application fees, and then tell them they have failed to qualify for a loan.
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Where To Find Trustworthy Reverse Mortgage Companies
If you're dealing with reverse mortgage companies which demand what seems to be a high percentage of the prospective reverse mortgage amount--say, between five and ten percent--just to begin the application process, don't do another thing until you have checked their records with the National Reverse Mortgage Lenders Association, which lists its approved reverse mortgage companies by state. You might also find free information on reverse mortgage companies at the HUD--Department of Housing and Urban Development---website.
The NRMLA was established in 1997 to oversee the reverse mortgage industry in the US, and their website is a treasure trove of information. You can learn everything you need to know to apply for a reverse mortgage. You'll find answers to frequently asked question about the reverse mortgage process, and a reverse mortgage calculator with which you can determine abut how much money you can expect to receive in a reverse mortgage loan.
The NRMLA has also drawn up a Code of Conduct to which any reverse mortgage companies must agree before being listed on the NMRLA site as an approved lender. Their Code of Conduct requires that approved reverse mortgage companies be sensitive to the unique needs of senior citizens, and do nothing to take advantage of their unfamiliarity with the reverse mortgage process.
When You're Ready To Proceed
If you have decided to seriously pursue
your reverse mortgage options, visit the NRMLA website and search the listings of reverse mortgage companies in the state where your home is located. You will be able to narrow the list down by finding those companies closest to you, and when you have a dozen or so, you can contact reverse mortgage companies by telephone.
Make appointments with them so you can have an in-depth discussion of their financing terms; if you know someone who has already take out a loan with any of the local reverse mortgage companies, talk to them about their experience and satisfaction with the process.
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