Resources for Researching Reverse Mortgages
Getting a Reverse Mortgage is a big step toward gaining financial security as you age. It’s not for everyone, and it’s not a decision to be taken lightly. In order to fully understand the benefits and risks of a Reverse Mortgage, it is vitally important to do your research before signing on the dotted line.
To help you get started on your Reverse Mortgage research, we’ve compiled a short list of useful resources.
FINRA (Financial Industry Regulatory Authority) Investor Education Series: Click here to view.
As part of FINRA’s Investor Education Series, their easy-to-follow PDF entitled Reverse Mortgages: Avoiding a Reversal of Fortune, is informative and balanced, elaborating on both the potential rewards and hazards of getting a Reverse Mortgage. It also covers information on fees and costs as well as tips for using Reverse Mortgage proceeds wisely.
The PDF document can be downloaded, printed out and read at your leisure. Or simply bookmark it to your Internet browser to refer back to if you have questions or concerns.
AARP (American Association of Retired Persons): Click here to view.
AARP, Inc. is an interest group dedicated to the advocacy and education of retirement-age people living in the United States. Simply type ‘Reverse Mortgages’ into the search bar at the top of their website and you will find a long list of articles written on the topic. From covering the basics to delving deeper into specific scenarios, AARP has a substantial collection of Reverse Mortgage content that would be helpful to just about any potential borrower.
National Reverse Mortgage Lenders Association (NRMLA) Consumer Guides: Click here to view.
The NRMLA is the national voice of the Reverse Mortgage industry, serving as an educational resource, policy advocate and public affairs center for lenders and related professionals. Despite being mainly focused on the lender’s side of things, the NRMLA also works to educate borrowers by providing a series of consumer guides on their website. From “What Do I Do When My Loan is Due?” to “Reverse Mortgage Self-Evaluation: A Checklist of Key Considerations” and more, these guides can be very helpful to potential and current Reverse Mortgage borrowers.
Federal Trade Commission: Click here to view.
The Federal Trade Commission also offers consumer information on Reverse Mortgages. Browse their webpage to learn more about how Reverse Mortgages work, the different types of Reverse Mortgages available, your rights to cancel a Reverse Mortgage agreement, and more.
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U.S. Department of Housing and Urban Development (HUD)’s Frequently Asked Questions About HUD’s Reverse Mortgages: Click here to view.
This webpage reviews the most common questions about Home Equity Conversion Mortgages (HECMs), which are the Federal Housing Administration (FHA)’s version of Reverse Mortgages. HECMs can only be offered through FHA-approved lenders. To learn more about HECMs, read through HUD’s FAQ page and discuss anything you’re not clear on with a qualified HECM lender – like us!
Alpha Reverse Mortgage Learning Center: Click here to view.
Last, but certainly not least, our very own Reverse Mortgage Learning Center offers a wealth of information on Reverse Mortgages. From what happens to heirs in a Reverse Mortgage to using a Reverse Mortgage to purchase a home, to the effects on Medicaidand Social Security, we’ve compiled one of the most comprehensive Reverse Mortgage content collections around! Explore the Reverse Mortgage Learning Center today and then connect with us if you have any questions or would like to get started.