Six Key Questions to Ask When Selecting
A Reverse Mortgage Provider

The Reverse Mortgage industry has seen a flurry of new products entering the market that offer greater benefits to the consumer. This is great news for senior homeowners who have begun considering reverse mortgages -but it can also cause great confusion when choosing the right company or in choosing the product that will best suit the senior's needs.

So much rapid change over a short period of time can make choosing a lender and determining the best product a daunting task. However, Stay In-Home Reverse Mortgage, 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 Reverse Mortgage continues to be an active member of NRMLA.

2. Do you offer access to the full range of Home Equity Conversion Mortgages (HECM) and Jumbo reverse mortgages?

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 Reverse Mortgage 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 Reverse Mortgage 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 Reverse Mortgage, 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 last year have 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 work with providers who have an established history and a thorough understanding of reverse mortgages, as well as the unique needs of seniors. Although Stay In-Home Reverse Mortgage has been enhancing senior's lives since 2006, the core staff has been engaged in the industry since 2004.

6. What About Other Financial Services?

Be wary of loan officers 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 officers 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 Mortgage, we have a rule that no one is to refer a senior to a third party without the explicit permission and knowledge of the owner, 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 Mortgage

Stay In-Home Reverse Mortgage was specifically formed to assist seniors with making life changing decisions regarding their homes and financial status. We realized early on the importance that seniors have 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 Reverse Mortgage, 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.