There are many companies licensed to provide reverse mortgages in one state or many states across the USA. Virtually all lenders are going to market and advertise that they offer the best reverse mortgages, but there are some companies that are highly reputable, extremely ethical and work with their customer’s best interests in mind.
The FHA does monitor and regulate these lenders, and they also set regulations, caps and limits for the lending process. These are in place to protect consumers and to prevent predatory types of lending that could be used by unethical, dishonest and disreputable types of lenders.
Within the reputable and licensed companies, there are still going to be differences in fees, products, and services. There will certainly be differences in the type of experience you will have as a borrower, which can range from being pressured into the loan to being provided with the time, information and support needed to make the right informed choice, even if it means not taking the reverse mortgage option.
Talk to a Counselor
You will be required to talk to a government-approved counselor that is not affiliated with any lender. This ensures that you have the opportunity to have your questions answered by an unbiased experienced financial counselor specializing in reverse mortgages.
By talking to the counselor, you can learn how to compare different options in HECM loans to find the best reverse mortgages. Depending on your financial situation, the best option may be either an adjustable or a fixed loan, and you will need to consider the differences.
Once you speak with a counselor, you can then talk to different lenders and ask similar questions. This is a great way to learn a bit more and also to ensure you are working with an honest and reputable reverse mortgage lender.
Maintains Professional Standards
Working with a professional lender to get the best reverse mortgages is always the ideal choice. Make sure the lender is licensed in your state. You can also check the National Reverse Mortgage Lender Association (NRMLA) website to make sure your lender is following these professional standards.
The members of the NRMLA adhere to professional and ethical guidelines that govern their interactions with their clients. These include a set of professional values, following all professional rules, and agree to work in the best interests of their customers in all aspects of the reverse mortgage process.
This level of professionalism and commitment to customer service will certainly provide borrowers with the peace of mind to know they are working with a lender that genuinely has their best interests in mind throughout the entire process.
At Longbridge Financial, we value customer support and service and are members of the BBB, NRMLA, and Equal Housing Opportunity.
