You've seen the spokesmen on TV and youre getting solicitations in the mail about reverse mortgages. Maybe you're well versed in them and know your stuff.
That puts you in the minority. Most seniors have very little idea of what a reverse mortgage actually is.
Some dont know a thing about them other than what this guy they overheard at the coffee shop was saying. He talked about his brother who knew someone who had a friend with a reverse mortgage. The bank took this friends house and he had to live on the street.
This is a certifiable fact: Too many people speak without knowledge regarding the reverse mortgage. And moreover, too many people listen and take the face value of these uninformed individuals.
If a person had money questions or a financial dilemma, they would turn to their financial adviser or planner, who would then refer them to a certain reverse mortgage lender that they knew and could vouch for.
When it came time to close, the statement showed a consulting fee was owed to the financial adviser, in the amount of 10 grand.
Since the estate planner was paid from the referral, they were not always just serving the needs of the client.
With laws such as those under RESPA, and various advocates for seniors, something occurring like in the example above is now illegal. In fact, it is almost impossible to be manipulated or duped by anyone when there are so many ways to watch your back.
Don't get me wrong; a lender can still egg you on to choose a reverse mortgage, even when it may not be the wisest choice.
But dont panic. Anyone who is going through the process of getting a reverse home loan will have to meet with an approved Housing and Urban Development (HUD) adviser, before continuing with the reverse mortgage.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
You may be considering or your know someone who is considering a reverse mortgage. Everyone seems to have an opinion. Some are based upon the facts, but most are total hogwash. Get your facts straight before you form your opinion.
That puts you in the minority. Most seniors have very little idea of what a reverse mortgage actually is.
Some dont know a thing about them other than what this guy they overheard at the coffee shop was saying. He talked about his brother who knew someone who had a friend with a reverse mortgage. The bank took this friends house and he had to live on the street.
This is a certifiable fact: Too many people speak without knowledge regarding the reverse mortgage. And moreover, too many people listen and take the face value of these uninformed individuals.
If a person had money questions or a financial dilemma, they would turn to their financial adviser or planner, who would then refer them to a certain reverse mortgage lender that they knew and could vouch for.
When it came time to close, the statement showed a consulting fee was owed to the financial adviser, in the amount of 10 grand.
Since the estate planner was paid from the referral, they were not always just serving the needs of the client.
With laws such as those under RESPA, and various advocates for seniors, something occurring like in the example above is now illegal. In fact, it is almost impossible to be manipulated or duped by anyone when there are so many ways to watch your back.
Don't get me wrong; a lender can still egg you on to choose a reverse mortgage, even when it may not be the wisest choice.
But dont panic. Anyone who is going through the process of getting a reverse home loan will have to meet with an approved Housing and Urban Development (HUD) adviser, before continuing with the reverse mortgage.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
You may be considering or your know someone who is considering a reverse mortgage. Everyone seems to have an opinion. Some are based upon the facts, but most are total hogwash. Get your facts straight before you form your opinion.
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