Choosing a Reverse Mortgage Lender
You’ve done your research, learning what a popular financial tool the HECM Reverse Mortgage has become in recent years. You’ve discovered that qualified U.S. homeowners, age 62 and over, can convert a portion of their home equity into cash without having to immediately sell their home or make monthly mortgage payments, but must maintain property taxes and insurance.
After all that research there is only one question left if you’re determined to move forward with a reverse mortgage loan and that is deciding which lender you want to work with.
With so many lenders to choose from, what are some things you can do to ensure you make an informed decision? We’ve developed a list of questions to ask and qualities to look for that should help you find the right reverse mortgage lender.
If you are interested, give us a call at: (800) 779-1020 for a confidential consultation or simply use our reverse mortgage calculator to get an instant estimate of loan proceeds available if you do qualify!
As a BBB A+ Rated Lender you can depend on us for accurate information and superior service.
Oregon homeowners, get started today to see how much you may qualify for!
Phone Policy - Please Read
By submitting this estimate request form, I authorize HighTechLending doing business as Golden Heritage Financial to contact me to discuss the information submitted on the form in order to provide information about the HECM loan product, answer any questions you may have, help determine your qualification for the HECM reverse mortgage and if you’re interested, help you apply for the loan, even if the telephone number provided is currently listed on a corporate, state, and/or federal Do-Not-Call list(s). I understand that I am not required to give my consent as a condition of purchasing any goods or services from HighTechLending doing business as Golden Heritage Financial. I may revoke my consent at any time by contacting Samy Khoury at skhoury@hightechlending.com.
Important Disclosure
- The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
- The loan balance grows over time and interest is charged on the outstanding balance
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.
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What Should You Look for in Your Reverse Mortgage Lender?
In addition to the suggestions below, one of the most important factors, to most borrowers, is proximity. As it turns out, face to face transactions are very important to the confidence seniors feel when getting a reverse mortgage loan. Being a local reverse mortgage lender provides the opportunity to work face to face, establishing a trusting relationship with your lender. That does not mean they must have an office within 5 or 10 miles, but at least close enough to meet in person if you so desire.
- How many reverse mortgages have they done? There are several ways to determine if a lender can best meet your needs, asking how many loans they have done can reveal both their competency and capacity.
- What are the fees associated with the loan? Reverse mortgages can come with a variety of fees, including origination fees, closing costs, and servicing fees. You want to know what fees you will be responsible for and how much they will be.
- Are they easy to get ahold of? Your reverse mortgage lender should be easy to reach and respond promptly to your calls and emails.
- How is the loan paid back? You want to know what your options are for paying back the loan when it comes due. Will you have to sell your home to repay the loan, or can you pay it back out of your estate?
- What is the average length of the loan process? Reverse mortgage loans can take several weeks or even months to process, so you want to know what to expect in terms of the timeline.
- How much experience do you have? If you outlive the loan, you or your heirs will have to repay the loan. You want to know what your options are for repaying the loan if this happens.
Will our suggestions help you choose the right reverse mortgage lender?
We also understand that one of the most important factors to many borrowers is the lender’s proximity. This is because senior borrowers appreciate the ability to work face to face, developing a trusting relationship with their lender. We are committed to providing in-person meetings and consultations for Oregon’s senior homeowners.
Reverse mortgages can be a great option for qualified Oregon homeowners looking to improve their retirement income or have additional financial resources that allow them to maintain or improve the lifestyle they’ve earned over years of hard work and sacrifice.
To schedule a free, no obligation discussion about the pros and cons of reverse mortgage loans, the HECM loan qualifications, or to gain a better understanding of how they work, do not hesitate to give our help line a call at (800) 779-1020, we’d love to meet with you at your home or have a talk on the phone to share anything you need to know about the HECM reverse mortgage home loan.
5 Important Things To Understand As You Consider A HECM Reverse Mortgage Loan
1
At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds.
2
Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
3
The loan balance grows over time and interest is charged on the outstanding balance.
4
The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home;
5
Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.