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At Alpha Reverse, Clients Aren’t Just Clients

Reverse mortgages can be a bit of a mystery to some, particularly borrowers who have previously gone the route of traditional and conventional mortgage loans. That’s why it can also be difficult to get family members to embrace the fact that their aging loved one has decided a reverse mortgage is the best solution to their financial and lifestyle situation. To take the mystery out of the process, it’s important to include family members in the process from the beginning.

From the first inclination or decision a homeowner wants to take out a reverse mortgage, a qualified, Certified Reverse Mortgage Professional will encourage them to include their children or other family members in the conversation. Leann Lanier, a CRMP with Alpha Reverse Mortgage believes it’s an important step in making sure everyone is correctly informed. “One of the most fundamental pieces of knowledge that can help ease the unknowns of a reverse mortgage loan for family members is that it allows their loved ones to maintain ownership of the home while giving them financial independence. And in the end, heirs of the borrower are not responsible for paying off the loan once the homeowner has left the home or passed away.”

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Not only is it important for a borrower’s loved ones to be involved in the reverse mortgage loan process, but if a client is taking out a reverse mortgage to use their home equity as a financial retirement strategy, then Alpha’s Certified Reverse Mortgage Professionals encourage a working relationship with the client’s financial advisors so everyone is informed, and on the same page.

“When I go to a loan closing, I take with me a copy of the appraisal, servicing contract information, and NRMLA professional brochures that include what to do when the loan is due, and I give it to the client,” she says. “I encourage them to put it with their deed and their other financial documentation, so when it comes time, your children, or loved ones will know what to do.”

Leann says it’s not unusual to assist a family member when working with the loan servicing group once a borrower has passed. After the passing of a loved one, it’s a stressful and overwhelming moment in time. And helping clients navigate the process, talking through the expectations and options, can provide some much-needed guidance. “I had a client who was critically ill, and while she was still alive, I met with she and her brother—her closest relative—so he would know what to do,” Leann says. “When she passed, he and I called the loan servicing company together. My clients aren’t just my clients. They become friends, because a reverse mortgage loan is such a personal thing.”

Learn more about how people are using home equity conversion mortgages for purchasing homes:

Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.