The Reverse Mortgage Process Explained

Consider this: you’re a senior homeowner who receives 1-5 reverse mortgage solicitations almost every time you head to the mailbox. You retain all of the postcards and letters in case you plan to go ahead with a reverse mortgage. You’re learning a lot about the software just from the direct mail bits you’ve received. Reverse mortgage telemarketers are beginning to call you almost every day. You’ve heard the chatter about reverse mortgages in the news and among your colleagues. Have a look at Toronto Mortgage Broker for more info on this. Commercials featuring Robert Wagner, James Gardner, and Pat Boone, among others, can be seen on television. You now have a stack of solicitations that is taller than three Los Angeles phone books, and your curiosity has been piqued. You know you want to look into a reverse mortgage, but you’re not sure what steps to take or how to proceed with a reputable business. Yes, you have hundreds of mail items, but which company would provide you with the best service and fee structure?

The scenario described above is very popular. For certain people, the whole reverse mortgage process can be very daunting. The decision of which company to use, as well as the process itself, can cause many seniors who would benefit greatly from a reverse mortgage to turn a blind eye and not even consider the option. In fact, with the right reverse mortgage lender, a reverse mortgage can be the simplest transaction that many seniors have ever been a part of.

The first step is to select a trustworthy company. Look for friends and family members who have secured a reverse mortgage. If you don’t know someone who has had a reverse mortgage, or if your friends or family had a bad experience with their reverse mortgage professional, look to NRMLA (National Reverse Mortgage Lenders Association). Members of the NRMLA have agreed to abide by their code of ethics and to always conduct themselves professionally with their senior clients.