Purchasing a home is the largest financial decision you will make in your life. Choosing a reverse mortgage is also an important choice to make with you finances. That is why it is very important to take your time and choose wisely with which reverse mortgage lender you want to work with. Here are some things you should look for in your reverse mortgage lender.
Are they Credible?
The first thing you want to look at it is the company you are considering working with credible? Are they associated with the Better Business Bureau? Companies that are approved by the BBB are companies that you can trust and stand behind the service they offer. Another area you can look at is reviews. Do they have any reviews from past clients for you to read? Do some thorough research and look for any red flags about the service the lender provided.
Do they have the right credentials?
There are several reverse mortgage associations that watch over reverse mortgage companies to make sure they are following the proper reverse mortgage guidelines. The lender you work with should be approved by the Federal Housing Administration (FHA). One Reverse Mortgage is approved by the Federal Housing Administration (FHA) and by the U.S. Department of Housing and Urban Development (HUD). We are also a member of the National Reverse Mortgage Lenders Association (NRMLA).
Do they have multiple ways to communicate?
Reverse mortgage companies that are creditable will give you multiple options to connect with not only the company but also your licensed expert. One Reverse Mortgage has over 150 licensed mortgage experts that are trained and experienced with working with senior Americans. One Reverse licensed professionals can be reached by several different ways including: email, work phone number, home phone number and even at a cell phone number. They encourage their clients to reach out to them at any time with questions they may have. They make it easy to get a hold of them.
Do they offer materials for you to use for research?
A well-established reverse mortgage company will offer materials like guides and brochures. These materials will provide you with all the information you will need about not only the company but about reverse mortgages and the different programs you can choose from. The One Reverse Mortgage guide, “All the Facts”, includes how a reverse mortgage works, the process, frequently asked questions, even client reviews and much more.
A reverse mortgage is your decision. Reverse mortgage companies should provide you with the proper tools to educate yourself about what is involved. However, to continue with the process should be a decision you make without receiving any pressure from the lender. Remember that one part of the reverse mortgage process is the counseling session. If a reverse mortgage company tells you that counseling is not required that are not following proper procedures because counseling is required by HUD.
If you ever feel that the lender you are working with is not treating you right you have the right to not continue with the service with the company.