Congratulations, because you’ve decided that it’s a good idea to look for reverse mortgages. These offer an attractive level of stability or some financial freedom for seniors over the age of 62. Now that you’ve decided to choose this financial product, it’s time to choose an HECM lender. However, before you even consider acting on any recommendations or ideas you currently have, there are a couple things you should consider.
Expertise
There are many sources of information out there about reverse mortgages, but unfortunately, not all of it is offered by experts in the financial field. Since they’re such a complex product, even other financial professionals like bankers or consultants may not know all there is to know about home equity conversion mortgages. For example, there are many similar products, such as an HELOC, available.
Without the advice of an HECM lender you may not even be looking at the right type of loan. The similarity of reverse mortgages to other products make the difference, so you need a dedicated loan officer to make sure you’re getting the right arrangement for you.
Service
Chances are that you have already found a number of institutions willing to accept your home equity as collateral for your reverse mortgage. That’s because home equity is a real value, built by year after year of your monthly payments. As such, you’re in a great position to shop around and get the best possible service while you complete the process to borrow against your resources.
The service you should look for in an HECM lender begins and ends with communication. It’s an almost unavoidable fact that loan officers are busy with multiple accounts, but the best of them are able to make you feel like you’re the only person on their schedule. They will make sure you have the information you need when you need it in order to make a confusing process relatively stress-free.
