If you’ve already decided that a reverse mortgage is the best option for you, then you’ll want to consider lenders in your area to find the right one. There are many out there, which can make it tough to decide, but there are some helpful tips to make it a little easier.
Lists
Before making a decision, it’s helpful to know which companies in your area handle reverse mortgages. These mortgages are much different than home-equity loans and purchase mortgages, so you’re going to need to do some research. Most of the big banks have exited the business because they claim there are higher risks. Going online can help you find some options, but you’ll want to ensure they are accredited and well-known. Checking for testimonials and going on review websites can also help you find the right options for you.
Narrow The Options
Next, you’ll want to talk with your financial or credit advisor to find out if they have different recommendations or can tell you anything about the ones you selected. You can also talk with friends or relatives who have taken out a reverse mortgage recently to see if they recommend that company. If you cannot find anyone to make recommendations, you may need to stick with the lists you’ve got so far, contact them all and compare their fees and services with others.
Contact Them
When you call each lender, make sure they are experienced with reverse mortgages. In some cases, companies only handle those mortgage types, so you know they understand the business. They should have closed many loans and have been in the business for at least five years. You can also ask them if a reverse mortgage is right for you or not. They should be able to provide helpful information in an unbiased way. If not, you may want to seek another lender.
Compare
Once you’ve gone through your questions and feel confident about a few of your list options, compare them based on interest rates, closing costs, origination fees and servicing fees. You may also want to find out about other requirements that may be needed before making a final decision.
Choose
Once you’ve gone through your list and have compared all the companies, you should have a better idea of which lenders will work better for you and your needs.
Reverse mortgage lenders can be tough to find. If you’re searching for the right one, consider RMFS today. Visit their website to learn about services, FAQ help and blog information.
