Choosing A Reverse Mortgage Lender

6/11/2007

posted by N. Sioris

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Choosing a Reverse Mortgage Lender is not difficult once you know what to look for. You should always choose a lender that exclusively originates ONLY Reverse Mortgages. Do NOT use a traditional mortgage lender or loan originator.

Reverse Mortgages are completely different from traditional "forward" mortgages and for that reason, require in expert that has been trained in the intricacies of this highly specialized mortgage product. Additionally, a Reverse Mortgage Lender is usually a member of one or more recognized national advisory organizations, such as NRMLA, National Reverse Mortgage Lenders Association and or CSA, Society of Certified Senior Advisors among others.

A Reverse Mortgage Lender should be dedicated to working with seniors and their family members. They should welcome family members as part of the decision making process if desired by the senior homeowner(s). Reverse Mortgage Lenders should be patient and never use high pressure tactics to force a quick decision.

Reverse Mortgages are becoming extremely popular and new lenders are entering the market place at a rapid pace. Because of this, it is important for seniors and their families to be cautious when Choosing a Reverse Mortgage Lender. Be sure to ask the lender or loan officer how long he or she has been originating Reverse Mortgages. Ask if he or she originates traditional "forward" mortgages as well as Reverse Mortgages. Ask how long the company he/she represents has been originating Reverse Mortgages. Ask if the company originates traditional "forward" mortgages as well as Reverse Mortgages.

If the answer to any of those questions indicate that he/she originates any other type of mortgages in addition to Reverse Mortgages, then continue looking around until you find a Reverse Mortgage Specialist that exclusively originates ONLY Reverse Mortgages. Do Not settle for a run of the mill mortgage loan officer or company.

Choosing A Reverse Mortgage Lender is easy when you visit Let Your Home Pay You, a National referral resource for exclusive Reverse Mortgage Lenders.