Mortgage Brokers Can Ease the Strain of Getting a Home Loan
There was a time when reverse mortgages could be taken out at the local branch of the bank you've trusted with your money for years. However, after the boom and bust, more and more banks bowed out of originating reverse mortgages. And while many lenders have also closed their reverse mortgage departments, there have been many changes to the reverse mortgage program as well as the landscape for homeowners.
Presently, according to an article published by The Guardian, a little over 60% of all home loans are taken out through a broker.
This information is not surprising, given the amount of changes to various mortgage programs, including reverse mortgages, have gone through the years. It's no longer enough to fill out a form, hand it to an "order taker" and wait for the "yes," "no," or "we need more information."
In the last year alone, the reverse mortgage industry has gone through at least four major changes. While these changes have made the program safer for both borrowers and the FHA, it also requires extra education and preparation so that borrowers who are thinking about getting a reverse mortgage, have the most up-to-date information.
One of the best parts of answering a call from a potential client is educating them on all the recent changes, which suddenly make all the difference for them and their heirs, and taking the time to get to know their situation in-depth in order to provide a more accurate quote.
As a broker, I have the luxury of time and the patience to sit down with clients, face to face, and go over all the in's and out's of the loan, their financial responsibilities and help them navigate through the complicated reverse mortgage waters.
In addition, we brokers work with various lenders, ensuring that every borrower is matched with the lender that best fits their situation. Banks and other lending institutions are usually restricted to one lender (and one set of rules) forcing clients to mold their situation to the needs of the lender.
Furthermore, I can also match borrowers with the best reverse mortgage program and analyze their situation so whatever program they chose, they can feel safe they made the right choice.
Regardless of whether or not a borrower feels more comfortable a broker or bank employee, the difference is palpable. Getting a mortgage, either forward or reverse, is a stressful time and the new rules and regulations have only made the process that much more lengthy and often complicated.
A broker may make all the difference.
Interested in a reverse mortgage or simply want more information? Give PS Financial Services a call at (888) 845-6630 or via email at info@PSReverseMortgage.com.
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