If you have decided to apply for a reverse mortgage on your house, you are understandably approaching retirement with far less financial security than you had expected, including millions of senior citizens. So the last thing you want to do is have your reverse mortgage financed by a company that is less than scrupulous.
It is a sad reality that there is an epidemic of reverse mortgage fraud, and that it is not unheard of for reverse mortgage companies to charge exorbitantly high application fees on the market for reverse mortgages, and then inform customers that they have not applied for a loan.Browse this site listing about mortgage company Los Angeles.
Where To Find Trustworthy Reverse Hypothecary Companies If you are working with reverse hypothecary companies who require what seems to be a high percentage of the prospective reverse hypothecary amount— say, between five and ten percent— just start the application process, do nothing else until you have reviewed their documents with the National Reverse Hypothecary Lenders Association, which reports their statements Free information about reverse mortgage companies may also be found at the HUD— Housing and Urban Development Department—-website.
The NRMLA was set up in 1997 to oversee the US reverse mortgage industry and its website is a treasure trove of information. All you need to do to qualify for a reverse mortgage can be learnt. You can find answers to frequently asked questions about the reverse mortgage method and a reverse mortgage calculator that helps you to calculate how much money you would invest in a reverse mortgage loan to get.
The NRMLA has published a Code of Conduct to which any reverse mortgage firms must adhere before they are classified as an authorized lender on the NMRLA platform. Their Code of Conduct encourages licensed reverse mortgage firms to be attentive to senior citizens ‘ unique needs and do nothing to manipulate their unfamiliarity with the reverse mortgage process.
If you have decided to pursue your reverse mortgage options seriously, visit the NRMLA website and browse the listings of reverse mortgage companies in the state where your home is located. You will be able to narrow down the selection by selecting certain firms that are nearest to you, and you can call reverse mortgage companies via phone when you have a dozen or so.
Make appointments with them so you can have a thorough discussion of their terms of financing; if you know someone who has already taken out a loan with any of the local reverse mortgage companies, talk to them about their experience and their satisfaction with the process.