A reverse mortgage can help you get equity out of your house, but it’s a major decision to make. Picking a good lender can make the situation easier, smoother, and better overall. This guide may help you choose a great reverse mortgage company to help you get the money you need.
Find Potential Lenders
Making a list of the potential reverse mortgage companies around you is the best start. It may seem hard to find reverse mortgage lenders, and even the largest names in the business may not be ones you know. Some companies people choose are American Advisors Group, RMS/Security One Lending, and One Reverse Mortgage. Seniors can get a reverse mortgage through the Federal Housing Association. It’s possible to find these loans using the Department of Housing and Urban Development’s website.
Research the Companies
Before choosing the company that you want to get your reverse mortgage through, you should thoroughly research each one. Ensure that the companies have good ratings from consumers, and they are accredited with the Better Business Bureau. By doing this, you can save yourself from dealing with a difficult, untrustworthy lender.
Call the Best Contenders
Narrow down the list and determine which companies are the best for your situation. Once you’ve done this, you can call these reverse mortgage lenders and determine what they have to offer. Judge the customer service of each company. A customer support specialist who is willing to help a potential client is more likely to be there when there are issues compared to a group that doesn’t seem to care much about your business. Discover how experienced the business is with reverse mortgages by asking if there are any drawbacks. A lender who claims there are no drawbacks or glosses over them is not trustworthy.
Compare Offers and Interest Rates
Every lender will have a different offer. Each will have varying interest rates, origination fees, closing costs, and other service charges. As you call, write these charges down and compare them once you’ve gathered all of the information. If you preferred a more expensive reverse mortgage company over another, you might be able to get them to match the other’s offer.
Contact the Company
Be sure to also compare methods of communication. Some businesses prefer to keep their information online to allow customers to access their account at any time. If you prefer to talk with a person, this may not be the method for you. Ask if each business has a representative you can speak to about account affairs before signing up for a reverse mortgage.