Choosing a Reverse Mortgage Specialist in Vancouver, WA.
Before you sign reverse mortgage documents there are important things to
consider when choosing a mortgage loan officer to assist you with a senior home loan. There are fewer “reverse mortgage specialists” than you think and the list does not include Fred Thompson, Robert Wagner or the Fonz. Referrals from satisfied Reverse Mortgage holders is always comforting, but you may not have a referral.
Choosing a loan officer with no reverse mortgage experience is similar to ordering fast food. Yep, they will answer your questions, they will take your order and they will deliver it. But do they follow up? Do they care? Are they aware of the nuances that will give you the best reverse mortgage loan for your situation? Is customer service a priority?
The internet has certainly changed how everyone shops. Shopping for a reverse mortgage specialist should include asking some very important questions so don’t base your decision on just a dazzling website.
Experience is what you should be looking for and your inquiring mind should ask:
Has the loan officer completed any reverse mortgage home loans? If so, how many? And how long ago?
Is the loan officer (or his company) a member and in good standing with the BBB?
Does he/she have any customer testimonials?
Do they know about NRMLA? Are they members?
Do they know about using a Reverse Mortgage to purchase a home?
Your motivation for choosing a Reverse Mortgage (or HECM) may be a financial strategy (you want your investment portfolio to go farther and last longer), or you may be desiring the peace of mind that comes from knowing you have no monthly mortgage payments, or you may need the money to pay off credit card or other consumer debt.
The person you contact should know about the policy regarding under age spouses.
According to Brad Finkelstein of Origination News, here is the latest information.
"A non-borrowing spouse, specifically named in the HECM
documents and continuing to occupy the home as the principal
residence, will not be required to repay the loan right
away as long as he or she continues to meet certain
criteria. These include maintaining the primary residence
and paying taxes and insurance on the property."
Regardless of your reason for looking into a Reverse Mortgage, working with a Reverse Mortgage Specialist is key. To learn more about reverse mortgages and your situation, contact me, Jack Tenold, Reverse Mortgage Specialist, at 800-617-3105 or visit my website at www.JackTenold.com. Having confidence in the person you are working with will result in peace of mind.
Choosing a Reverse Mortgage Specialist in Vancouver, WA.
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