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Mistakes to Avoid When Getting a Reverse Mortgage

Reverse mortgages are completely different animals when it comes to home loan products. They have their own specific nuances that require more understanding than a standard mortgage loan. Because of the intricacies of a reverse mortgage, here are three tips for borrowers who are considering a reverse mortgage.

Go with a pro. Not unlike many other industries that offer accreditations for experts in their fields, the National Reverse Mortgage Lenders Association offers a Certified Reverse Mortgage Professional (CRMP) designation for those lenders who invest considerably in both time and personal income in training and education so they can provide knowledgeable, competent, and ethical service to their clients.

Go with a LOCAL pro.  There isn’t much that you can’t buy online these days, but a reverse mortgage shouldn’t be one of them. With all the complexities of reverse mortgages, having a local, full-service, CRMP just a car ride away can provide you with individualized face-to-face help when you need it. Deciding whether to get a reverse mortgage isn’t an easy decision. Having someone walk you through the process and answer your questions is invaluable.  

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Understand the loan completely. If you are considering a reverse mortgage, the best advice is to take your time. Reverse mortgages are complicated and applying for one shouldn’t be a snap decision. You’ll want to understand qualifications, what the financial assessment entails, what feed you’ll be expected to pay, how the repayment options works, what taxes, insurance, and other responsibilities are required, and do you have alternatives to a reverse mortgage. Start the process with some upfront homework on your own, and when you are ready, contact a CRMP with a list of questions.

Reverse mortgage loans today come with new guidelines and protections in place to keep borrowers safe. There are still dishonest lenders and salespeople who’ll try to pressure senior homeowners into a reverse mortgage program that isn’t right for them. Be sure and speak with a respected Certified Reverse Mortgage Professional if you have any questions if a reverse mortgage loan will meet your needs.

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.