What to look For in a Reverse Mortgage Lender
Look for a mortgage broker or lender with extensive program knowledge – someone who can answer your questions or is willing to find out the answers for you. Work with someone who specializes in Reverse Mortgages and feel free to interview them. This is a financial decision and you should feel very comfortable and trust the agent you are working with to achieve your financial goals.
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Myths about Reverse Mortgages
When working with clients, I hear this all the time, “but someone told me.” There are so many brother-in-laws and next door neighbors that have a lot of good advice and knowledge, but reverse mortgages might not be their specialty. Following are four of the most frequent myths I would like to bust wide open.
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Reverse Mortgage for Purchase is Finally Here
Starting January 1, 2009 a Reverse Mortgage can be used to purchase a home. This is great news for senior homeowners that want to downsize, relocated closer to family or medical care, or move to an active adult community.
Mortgage lenders are having a harder time qualifying clients for home loans especially the senior client on a fixed income. A reverse mortgage could be the perfect loan to help your parents move. A reverse mortgage may even allow a buyer to move up to a higher price range than they anticipated and remain mortgage payment FREE with no income or credit qualifications.
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