If you were to do a basic Google search for reverse mortgage lenders in your area, your search would likely yield hundreds of results. With so many different mortgage companies toting the best rates and service, how do you determine which one is best for your needs? Selecting the best HECM lender can be tough – unless you follow these three simple tips.
Do Your Research
As with anything else you purchase, it is critical that you do some serious preliminary research prior to selecting the appropriate broker for your financial needs. Unlike some other items you might invest in, finding a mortgage broker is, well – a big deal. If you stop to think about the life of your future loan, you want to find someone who you are compatible with – someone you can see yourself working with for the next twenty years or so…or longer! You want to find someone who is invested in your needs and who will help you to secure the best deal on your loan. As you research online, read up on different HECM lenders; browse their websites and read online testimonials. Often times, searching third party sites that compare a number of different lenders in one consolidated list can help you pinpoint several viable options at once.
Ask For Referrals
In addition to conducting your own preliminary research, it may be helpful to ask around for referrals. Talk to friends and family members who have recently taken out a loan – who did they borrow from? What was their experience like? Also, reaching out to different real estate agents who you may have worked with in the past or who work in your direct area may prove useful. Real estate agents work hand in hand with mortgage lenders and may be able to point you in the right direction.
Set Up a Consultation
Another great thing to do is reach out to a few lenders, directly. Set up a time to meet with them one-on-one and speak with them regarding your needs and financial desires. Take the time to really explain your situation to them and see how well they listen and invest themselves in your best interest. Meeting with them, directly, will give you a sense of who might be the best suited for a long-term professional relationship. Out of all the HECM lenders, it is critical to find one who is informative, attentive, reliable, genuine and responsive to your individualized needs for the best results and long-lasting loan success.
