Finding helpful financial resources for retirement planning can be a difficult process. With so many scams and predatory loans out there, especially those targeting seniors, finding the right person or company to assist you can start to feel hopeless. Fortunately, there are still many honest and genuine professionals out there who are passionate about helping older adults retire in comfort and confidence. What’s more, there are plenty of dependable financial resources that can help you supplement a fixed income so that you can truly live life on your terms.
One such resource is the Reverse Mortgage. Unfortunately, this helpful loan has received somewhat of a negative reputation. Similar to Social Security, health insurance, banking, and many other legitimate entities, criminals may falsely claim to be Reverse Mortgage specialists in order to perpetrate their scams. This is unfortunate not only for their innocent victims but also for those who choose to avoid a Reverse Mortgage based on the actions of an unrelated few. Luckily, today there are many safeguards in place for Reverse Mortgage holders, as well as ways to seek out a legitimate Specialist.
What Exactly Is a Reverse Mortgage?
Reverse Mortgages are proper loans that can be taken out by eligible homeowners 62 or older. They provide helpful cash or lines of credit related to accumulated home equity. Despite their reputation, they are often much safer bets than alternatives such as second mortgages. For example, unlike with a second mortgage, borrowers can never owe more on their house or property than it is worth. Additionally, if you choose a Reverse Mortgage, you will remain on your home’s title and in full ownership of it. What’s more, borrowers are not required to make any payments on the amount borrowed unless they want to.
What to Look for in a Reverse Mortgage Partner
Since Reverse Mortgages are legitimate loans, there are legitimate professionals out there who wish to help spread the word and help more seniors retire successfully. Here are a few things to look for when finding the right Partner.
They have the proper licensing. True mortgage loan originators, brokers, and lenders must adhere to proper education and licensing requirements to be able to offer Reverse Mortgage loans. You will want to ensure the loan officer and broker or lender has an active Nationwide Mortgage Licensing System (NMLS) license in the state you reside. You can determine this by looking them up on the NMLS using this link.
They only specialize in Reverse Mortgages. Once you have determined that they are properly licensed, be sure to find out if your potential Reverse Mortgage Partner exclusively specializes in these loans. While a lender specializing in many various areas does not necessarily mean they are illegitimate, it could certainly suggest that they are less familiar with the ins and outs of Reverse Mortgages than one who exclusively works in that area.
They are not a call center. Many large, faceless Reverse Mortgage companies will shuffle you into their endless corporate assembly line call centers. Many times, these call centers are filled with inexperienced, overworked, newly-licensed individuals who only care about meeting their sales quotas for that month. This leads to high-pressure sales tactics (rather than education-based conversations), delays in the loan process, unnecessary loan denials, and, ultimately, a terrible experience for the client.
Would you like to learn more about a highly experienced team who specializes exclusively in Reverse Mortgages? Contact Retirement Home Equity Advisors today! We are a team of licensed specialists serving senior homeowners throughout the States of Arizona, California, and Colorado. We can help you strategically leverage your home equity to decrease risk and improve financial stability throughout your retirement.
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