Six Key Questions to Ask When Selecting
A Reverse Mortgage Provider
The Reverse Mortgage industry has seen a flurry of new products and lenders enter
the marketplace recently.
So much rapid change and growth over a short period of time can make choosing a lender and
determining the best product a daunting task. Stay In-Home is recognized in helping consumers effectively reach their
financial goals
and has identified six important questions that prospective borrowers should ask
companies when discussing reverse mortgages.
1. Are you a member of the National Reverse Mortgage Lenders Association (NRMLA)?
Not all providers are created equal. NRMLA is the industry's trade group that requires
members to follow a best practices model, and code of conduct, when working with
seniors seeking information about reverse mortgages. Even though reverse mortgages
have numerous built-in consumer safeguards to protect seniors, Stay In-Home continues to be an active member of NRMLA.
2. Do you offer access to the full range of Home Equity Conversion Mortgages
(HECM)?
With a range of new products and providers, it can be difficult for consumers to
determine if their company is providing information on the full menu of product
options available. Stay In-Home is aligned to offer you products
from the majority of competent lenders nationally. Your Senior Home Advisor is knowledgeable
in the whole range of HECM pricing options as well as jumbo products and pricing.
Generally speaking, banks can only offer their own products and that limits your
options.
3. Can I see the full breakdown of costs, fees, and the amortization schedule
for all these products?
Stay In-Home will provide a complete breakdown of costs and fees
for every reverse mortgage option. Our Senior Home Advisors are ready, willing and
able to take the time to explain all facets of reverse mortgages and the process
for doing the loan.
4. Do you have protocols to ensure that I'm getting the most appropriate reverse
mortgage for me and that I have the opportunity to make an informed decision?
Reputable providers will have processes to make sure that borrowers understand their
choices and that the appropriate loan product is matched to the senior's needs.
For example, at Stay In-Home, our advisors are trained specialists
and are committed to providing honest, outstanding service to seniors and the best
reverse mortgage products.
5. How long have you worked with reverse mortgages?
The decline in conventional mortgage production and the sub-prime collapse over
the past years has driven brokers and lenders into the reverse mortgage arena seeking
new products. As a result, many new and inexperienced lenders and brokers have
entered the reverse mortgage market. While greater focus on reverse
mortgages is a positive for seniors and the industry, consumers need to be selective
and they should work with providers who have an established history and a thorough
understanding of reverse mortgages, as well as the unique needs of seniors. Stay
In-Home's
core staff has been engaged in the industry since 2004.
6. What About Other Financial Services?
Be wary of loan originators that offer to send you to other trusted advisors, i.e.
insurance agents, financial planners, etc., once your reverse mortgage is completed.
While most loan originators are reputable, some may unwittingly be working with unscrupulous
advisors that are only out to "make a deal" at your expense. At Stay In-Home,
we have a rule that no one is to refer a senior to a third party without explicit
permission and knowledge and that each provider has been thoroughly
educated. Under no circumstances do we recommend annuities, stock market investments,
etc. We only focus on what we know best, reverse mortgages.
About Stay In-Home
Stay In-Home was specifically formed to assist seniors with making
life changing decisions regarding their homes and financial status. We realized
early on the importance of seniors having a clear understanding of the reverse product
prior to moving forward: hence we strive to inform and educate rather than sell
the program benefits. Only when you fully understand the process do we help you
determine if a reverse product meets your specific needs. With Stay In-Home, you get a complete picture of what a reverse mortgage can do for you and
your family. We guarantee efficient service and take great pride in effective communication,
follow-up, and integrity at a pace that is comfortable for you.