Thumbs UpRecently, I saw a comment that I really want to address.  She was concerned about a relatives inability to make changes to their home because of having a reverse mortgage on their home.  About a month ago, I wrote a blog addressing this very issue http://activerain.com/blogsview/229001/Still-the-most-common  and the very first MYTH~that the bank takes title to the home.  Remember something, as with ALL mortgages or liens, YOU own your home, and YOU continue to own YOUR home, and you can make any improvements and upgrades you want (as long as you adhere to your local building codes).  If you know of someone considering a Reverse Mortgage, investigate all there is to know about Reverse Mortgages, get all the correct facts and unbiased opinions, then if it is considered the best choice, I can refer you to some excellent Reverse Mortgage Loan Officers, and you can also find some great ones here!  Contact me to begin to learn more about them.  Or any other mortgage broker, loan offcer, etc., that knows the correct facts about them, you can also ask that I come to you to do the loan signing (in Southwest Florida) or check out the many other NSA's throughout the state & country here on Active Rain! 

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Title companies & mortgage brokers, help your borrowers- arrange to have their loan signed and notarized in their home, at their convenience by a Certified Notary Signing Agent (CNSA)

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Post is included in group: Addicted to Active Rain
Post is included in group: All About Mortgages/Mortgage Networking
Post is included in group: Anything Reverse Mortgages
Post is included in group: Reverse Mortgages
Post is included in group: Reverse Mortgage Specialists

3 Comments on Reverse Mortgage myths still persist

NOV
06
2007
867,760 Points 68 Featured Posts Outside Blog

There are so many myths about reverse mortgages and even living trusts, it is a shame and I wish people would refer out a client that is interested in something like this product instead of spreading mis-information to the public. It is a real disservice to our industry.

12:34am • #1

I agree with Todd...Why don't people refer someone with these concerns to someone who can provide the correct information? Even if, for whatever reason, they do not want to speak to someone directly (and let's face it this is the most reliable way to go) there are so many resources online available.

Reverse Mortgage Education Project

AARP Foundation
601 E Street, NW
Washington, DC 20049
1-800-209-8085
www.aarp.org/revmort/list

U. S. Department of Housing and Urban Development (HUD)
451 7th Street, SW
Washington, DC 20410
1-888-466-3487
www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, NW
Washington, DC 20580
www.ftc.gov/bcp/menus/consumer/credit.shtm - Click on "Mortgages & Your Home" 1-877-FTC-HELP (1-877-382-4357)

11:03am • #2
NOV
07
2007
Outside Blog

Todd & Lynette, thanks for stopping by & commenting!  I certainly agree, that's why I wrote the blog.  I think some of the problems stem from some of the original private RM's that I would say were a rip-off.  The new (well not really all that new now) HECM programs have corrected most, if not all of the problems from those original private RM's.  That's why I am now such a big proponent of these!  The relief they can bring to a senior is tremendous!  I hope anyone considering a RM checks them out thoroughly, and if they decide to get a RM, just make sure they get a HECM HUD-backed FHA Reverse Mortgage!

Signature

5:59pm • #3

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Ronald Gillis, CNSA Southwest Florida Notaries, Port Charlotte, 941-7-NOTARY

Port Charlotte, FL

More about me…

Southwest Florida Notaries (Mortgage Notary Signing Agent)

Address: P O Box 380842, Murdock, FL, 33938-0842

Office Phone: 9417NOTARY

Cell Phone: (941) 766-8279

Email Me

Do you want to sign your refinance mortgage papers at your convenience, at the location of your choice? You have the right to choose your Mortgage Notary Signing Agent - Call 941-7-NOTARY (766-8279)

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