Five important questions to ask when selecting a reverse mortgage lender

Five important questions to ask when selecting a reverse mortgage lender,

With the introduction of new product and pricing options, there has never been a better time for seniors to consider a reverse mortgage. In the first half of 2007, the industry has seen a flurry of new, lower-priced products that offer greater benefits to the consumer, as well as a range of new providers. This is great news for senior homeowners who are considering reverse mortgages - but it can also cause confusion when choosing the right lender or the product best suited the senior’s needs.

Financial Freedom, the nation’s largest provider of reverse mortgages, has identified five important questions that prospective borrowers should ask when discussing reverse mortgages.

1. Are you a member of the National Reverse Mortgage Lenders Association (NRMLA)?

Not all lenders are created equal. NRMLA is the industry’s trade group are requires members to follow a best practices model and code of conduct. Even though reverse mortgages have numerous built-in consumer safeguards, it’s a good idea to select lending organizations with a national presence.

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Written by News & Feeds on October 7th, 2007 with comments disabled.
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