Perhaps you’ve looked into a Reverse Mortgage in the past and were afraid to pull the trigger. I can hardly blame you, given the misinformation circulating about reverse loans and the tumultuous housing market. I’m happy to report that after the government stepped in, all lenders need to be more conspicuous about their lending practices. This is good news for borrowers and a signal to many that this may be the right time to further investigate what a reverse loan could do to alleviate their financial pressure.
Let me say that while the time is right, there are still charlatans out there who are willing to take advantage of anyone who knocks on their door. And there are still companies who (legitimately!) load up the back end of a loan to line their pockets with more money than what they should fairly charge for their services. It can still be challenging for consumers to compare apples to apples in the loan and reverse mortgage industry, despite government guidelines put in place to help them. That’s where we come in. The Reverse Mortgage Helpdesk will never sell you a loan. We can objectively answer your questions and put you in touch with lenders who have passed our standards as reliable and trustworthy reverse mortgage providers.
The government FHA guideline changes translate to lower closing costs and more money for seniors who acquire reverse mortgages. As always, you never lose the equity or ownership of your home with a reverse mortgage, and you can kiss those mortgage payments goodbye forever. There are stringent guidelines in place to make sure that people cannot abuse the system that was designed to help them. It’s one of the primary reasons I set up the Reverse Mortgage Helpdesk. Our professionals can help explain the qualification standards and walk you through the process if it is right for you.
What factors do you consider when making a major life decision? Timing, finances, health, level of personal need, your spouse’s opinion, your children’s concerns?
You can count on the Reverse Mortgage Helpdesk to give you straight answers about your tough questions and unique circumstances, so lay it on us—what do you want to know?
As always, the Reverse Mortgage Helpdesk is a free service to citizens who are contemplating a reverse mortgage or loan and would like more information pertinent to their particular circumstances.
Brandon S. Smith
President & CEO, the Reverse Mortgage Helpdesk