Most reliable Reverse Mortgage lenders?
Hello, somebody asked me to help them find the best, most trustworthy lenders because they want to do a reverse mortgage on their home? How do I go about that? Where to I start. Thanks
I meant where do I start?
- MRALv 46 years agoFavorite Answer
You start with referrals. Lenders/Brokers employ people, and one bad apple can ruin a great loan process or company's reputation. The good thing is that all reverse mortgage lenders have to follow the same steps, procedures, requirements, etc. They may add more on to it, but we all share the same minimum standards set by FHA. And the program itself pretty much follows the same rules from State to State, Coast to Coast. Rates may differ slightly from lender to lender, and some may take longer, and some may make more human mistakes.
Look for someone who is available, doesn't do the sales pitch, doesn't pressure you, takes the time to explain things however many times you need, and stays with you through the loan process so you aren't shifted from person to person. I personally prefer brokers, as they can shift from one lender to another as hiccups arise. If you go directly to a lender, then they will only offer you their products.Source(s): I specialize in reverse mortgages (CA)
- 6 years ago
What's his/her local area? I think those local banks and credit unions are trusted. And here is a listings of banks and credit unions offering reverse mortgages by states: