4 Steps to Finding a Reverse Mortgage Lender You can Trust

by | Jun 8, 2016 | Financial Services

It always pays to choose the right lender. Opting for a reverse mortgage loan might boost your funds, but if you’re careless, you might end up on the losing end. When you choose a lender, be sure to:

Make a list

Identify which companies are active and well-known in the business. You might have to dig in deep to find out the details if you want. Unlike other types of mortgage lending businesses, plenty of big banks have left the industry, leaving the playing field open for companies you might never have heard of until now.

Ask for suggestions

Reach out to financial pros. If you know someone you trust, so much better. A money manager or CPA will be in the best position to provide you with information regarding the reputation of the lenders on your list. Also, if you already know someone who has taken out a reverse mortgage, ask about their experience, if they found a company’s service exceptional or objectionable. That way, you know which companies to approach or avoid.

Compare quotes

It can be tempting to get things done as soon as possible. But that doesn’t mean going for the first lender you find. So ask around and dig for information. You can enjoy a much better deal if you go around comparing rates and packages until you determine the one that gives you the most benefits.

Call them

No matter how good things look on paper or on a website, nothing beats getting first-hand information on how a reverse mortgage lender works than by meeting up with them personally. Is the loan officer courteous and attentive? Did they provide you with all the answers you need? Factor these into your search and improve the odds of finding a reliable and competent lender.

For more information, contact Longbridge Financial today.

Latest Articles