You have seen them on TV, you have received dozens of pieces of junk mail regarding them, but where do you get the facts and how do you decide if a reverse mortgage is right for you?
The best resource for reverse mortgage facts is professional or non-profit organizations. Many reverse mortgage lenders will provide you with DVDs/videos to watch. These generally will give you an idea of how reverse mortgage works, However, “the devil is in the details”. There are several consumer-based reverse mortgage guides that will provide you with what you need and with the questions that you should ask yourself in the process of researching reverse mortgages.
REFERRENCE GUIDES FOR YOUR RESEARCH:
- AARP Reverse Mortgage Guide “Homemade Money” click here
- National Council on Aging Reverse Mortgage Guide click here
- National Reverse Mortgage Lender’s Guide “Just the FAQs” click here
It is advisable to talk to at least a couple of different lenders. Look for consistency in the information. Do not tolerate being sold to. Be sure to check out the company and the originator online. Ask for references. When you speak to lenders, if they simply talk about the features and benefits to the program, be a little cautious. A seasoned originator will ask questions to help you discover if you should even consider a reverse mortgage. Examples:
- How long do you plan to live in your home?
- Do you live in an age friendly home?
- Have you done a budget? Do you know that you can support yourself comfortably in your home?
- Is this a home you can comfortably maintain as you age?
The person/company you choose to work with needs to be:
- Knowledgeable
- Informative
- Credible
- Act in a fiduciary manor
If you have a reverse mortgage question, Call Angella Conrard, Certified Reverse Mortgage Professional. 866-949-7030.
