Many of our clients want to include their loved ones in their decision to get a home equity conversion mortgage. Other times, it’s the children who research the loan and suggest it to their parents. We encourage loved ones to be involved in this decision so they can understand the loan program and the process, along with their parents. At the request of the client, we include loved ones on phone calls with the client and their licensed specialist. Family members have the ability to hear how the reverse mortgage works, ask questions and understand the entire process.
Tips for Including Loved Ones
If you want your children or others to be involved, here are a few tips to include them:
Educate yourself on the qualifications, benefits and process so you have some basic understanding of the program.
Have educational materials, including our website, free guide and DVD handy to share.
Be open to speaking about your finances and how the program could benefit you.
Invite your family members to participate in a phone call with your licensed specialist.
Be prepared to share the facts about the program (vs. the myths).
The Most Common Myths and the Facts:
* Homeowner is responsible for property taxes, homeowners insurance and maintenance of the home.