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Borrow with Confidence: A Pledge to Reverse Mortgage Borrowers

A reverse mortgage is a significant emotional and financial decision no matter the reason. Whether your home is rooted in decades of traditions and fond memories or continues to be the gathering place for family affairs, your home is your most treasured asset. Sometimes life circumstances may necessitate tapping into your home’s equity, and when faced with time sensitive choices, seniors often become the victims of predatory lending practices. But when you work with an Alpha Mortgage Certified Reverse Mortgage Professional (CRMP), a member of the National Reverse Mortgage Lenders Association (NRMLA), you can utilize your home equity with confidence.

NRMLA members are required to abide by a Code of Ethics & Professional Responsibility, in which they pledge to serve your best interests with integrity. That means educating you about reverse mortgages, and helping you determine whether it is the right choice for you. To provide the best service possible, a CRMP will:

 

  • Know and comply with all State and Federal laws and regulations that protect reverse mortgage borrowers.
  • Present you with the full range of reverse mortgage products available from our company.
  • Clearly explain the terms, benefits and costs of each product we present.
  • Inform you of your responsibilities as a reverse mortgage borrower including paying real estate taxes on time, keeping the property properly insured and maintaining the home in sound condition.
  • Work with you and, if you request, with your family and financial advisors either face-to-face or on the telephone as frequently as you choose to educate you, answer any and all questions and help you assess whether a reverse mortgage might be beneficial to you.
  • Explain the benefits of and statutory requirement that you have reverse mortgage counseling.
  • Provide you with a list of HUD-approved independent housing counseling organizations that employ exam qualified counselors to serve you. The choice of the organization is yours and yours alone.
  • Help you prepare for your counseling session to make it most effective by providing you with questions you might ask and information you should be prepared to provide to the counselor.
  • Prepare loan comparison projections and an amortization table for the loan being proposed to review at your counseling session.
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Even after you receive a reverse mortgage, your CRMP will continue to help you stay on top of your loan obligations by promptly notifying you if you are not current in your tax and insurance obligations, and guide you to take the appropriate measures. They will also provide you with regular account statements so you know your current loan balance and costs. Above all, they are there to answer any questions about your account.

Reverse mortgages are a unique product in the home mortgage industry that are best handled by specialized, experienced lenders. When you work with a Certified Reverse Mortgage Professional, you can feel confident that they have taken a pledge to put your needs first. If you want to know if a reverse mortgage is right for you, speak with a CRMP today.

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.