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Reverse Mortgage Pitfalls Article
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Choosing a Reverse Mortgage Lender
from: Maxx Home GuidesIf you're done your research and you've decided to apply for a reverse mortgage loan, the reverse mortgage lender you choose will likely have a huge impact on many aspects of the application process. Is the lender kind or forceful with you, or is he/she very clear when answering your questions, or rather vague with the terms of the contract? Attitude will give you a lot of clues that will make or break a good reverse mortgage transaction.
Finding a well respected reverse mortgage lender is also the best way to get a lot more money out of your home -- giving you even more financial freedom than you previously thought possible.
You probably know by now there are quite a few reverse lenders out there who'd love to have you as their next client. However, finding a reverse mortgage lender who's compatible with you can sometimes be a tedious and time consuming challenge. In the past, the best way to find a lender you'd want to deal with was to pour through the phone book hoping a company name would stand out. These days, of course, that just takes too much time, so you can instead do your searching online instead and save yourself a lot of agrivation.
The National Reverse Mortgage Lenders Association has a very well done website that's dedicated to helping you find a reverse lender in your home state. All you have to do is access their list, visit the websites of lenders close to your area and then give each one a call to see if they can provide you with an estimate of what to expect from the mortgage process.
Finally, you should also make it a point to ask your friends, family and co-workers to see if any of them have ever filed for a reverse mortgage. Word of mouth, along with the power of the internet, will make your research a breeze when looking for the best reverse mortgage lender in your area.
Reverse Mortgage Pitfalls News
Housing regulator prepares changes for reverse mortgages
Chicago Tribune Thursday, September 9, 2010 The Federal Housing Administration isn't talking publicly about it, but the agency may be getting ready to lessen the up-front costs of reverse mortgages for some borrowers. The agency also, however, may be reducing the amount seniors can borrow from their homes. In a recent conference call with industry participants, FHA officials said they were ...
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Read more...Fed says reverse mortgage loans pose risks
The Federal Reserve and other top regulators said on Monday reverse mortgages pose "compliance and reputation risks" for lenders, and offered guidance to financial firms on how to avoid such pitfalls.
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