Reverse Mortgages Get Even More Attractive to Seniors
When you are looking for someone to administer a reverse mortgage for you, it is recommended that you begin you search with local institutions. Stay away from the bigger banks and the out of state lenders. These other entities often resort to pressure tactics and don’t fully illustrate the complete reverse mortgage process.
With a reverse mortgage, seniors over the age of 62 can convert the equity in their home to cash in their pockets. This is secured without selling the home, taking on additional mortgage payments, or surrendering the title of their home.
Reverse mortgage opportunities have made ahuge difference in the lifestyle of many seniors facing financial difficulties. If you are eligible and have built up an ample equity in your home then you can take your money as a lump payment or in monthly payments.
Seniors are using the cash to pay off debt, add to their current retirement, making home modifications, or paying off expensive health care bills.
Recently Congress has implemented improvements into the existing HECM federally insured mortgage by lowering the fees and raising loan limits. The reverse mortgage lenders have also taken steps to help entice seniors to consider a reverse mortgage. They have lowered their rates and fees.
When you are researching a reputable reverse mortgage lender be sure that he or she is a member of the NRMLA – The National Reverse Mortgage Lenders Association. This Association is the watch dog of the reverse mortgage industry. NRMLA was established to add credibility and accountability to the reverse mortgage industry.
They make sure the consumers are enlightened of all pros and cons involved with their reverse mortgage and they also strive to properly train the lenders and make them accountable and honest in their business practice and conduct.
You can think of NRMLA as somewhat of a mediator between the role of the consumer and the ethical conduct of the reverse mortgage lender. It’s too bad we don’t have this type of accountability in private industry as well.
Warren Sickles is a non-staff writer for Discount Reverse Mortgage. If you’re searching for additional advice related to reverse mortgage fees then you’ll unearth invaluable information regarding reverse mortgages on our website.
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