Finding a Reverse Mortgage Specialist in California
When the day comes that California homeowners (age 62 or older) decide to look into a senior home loan (a reverse mortgage) finding the right professional is key.
It is not enough for a home loan specialist to have a license. A seasoned professional who is attentive and knowledgeable will provide the kind of service you need. A good communicator will provide all the information you need both written and verbal. A specialist will be up-to-date on all the current loan types available and any guideline changes. For example, the starting date for the upcoming financial assessment* has been pushed back from March 2nd to April 27th.
So how do you find a reverse mortgage specialist?
- Referrals from friends and relatives especially if they have experience with Reverse Mortages
- National Reverse Mortgage Lenders Association
- Internet search
Don't hesitate to pick up the phone and learn about the experience and background of a loan officer. If Reverse Mortgage's are not the main entree on the loan officers menu of loan types you should keep looking. Refinancing your home (or purchasing a home) is serious business and the person you work with should always be a specialist.
*A financial assessment is standard with a traditional mortgage so the new guidelines should not be too shocking to reverse mortgage applicants who miss the deadline. A credit report will be pulled and proof of assets, including tax returns, may be taken into consideration. The borrowers' ability to maintain the home and pay homeowners insurance as well as taxes will be reviewed. In some cases, there will be fewer funds available to the consumer at closing because of hold backs.
If you are interested in a loan comparison with no cost or obligation, don't hesitate to ask for it. Avoiding the less stringent new guidelines will make the process less complicated. Reverse Mortgages were once thought to be just for desperate homeowners. Today, more and more seniors from all walks of life are looking for ways to stretch their retirement dollars and enhance their financial security with a reverse mortgage. Funds may be utilized in many ways.
If your current home is no longer suitable as you transition to another phase of your life, you might consider purchasing a different home. Ask about details regarding a reverse mortgage purchase. Just imagine, a new home and NO MORTGAGE PAYMENTS!
You can find me, a Reverse Mortgage Specialist serving California homeowners, at 800-617-3105.