How to Choose a Reverse Mortgage Company

Senior Thursday

These last two weeks we discussed the basics of a reverse mortgage and the steps in obtaining one.  This week, we'll look at how to select a reverse mortgage company that you can trust, and the qualities you should look for in a company.

First, look for a company that will educate you on the products and help you make the decision that is best for you.  Everyone's situation is different, so it is important to choose a product that will benefit you.

Second, find a company that offers a wide variety of products.  From jumbo loans for high-value properties to smaller products for modest homes, the company you select should be able to handle the size loan you need.

Third, what sort of service and support do they offer?  Are they available by phone or email when you need them?  Or is it difficult to get through to someone when you need them?  Your company rep should be accessible.

Fourth, how quickly can they close the loan?  Will you have to wait several months?  Or can they close it in four to six weeks?

Finally, how do they treat you as a customer?  Are they committed to helping you improve your life?  Or are they just after your business?   Find a company that wants to help you improve your financial security and well-being. 

Consult Ken Dellutri, Reverse Morgtage Specialist with American Portfolio Mortgage to see how a reverse mortgage can help you.  888-302-2762

Fundamental Steps in Obtaining a Reverse Mortgage

Senior Thursday

Last week we talked about reverse mortgages, and how they can help ease financial struggles for seniors.  This week, we'll cover the fundamental steps in obtaining a reverse mortgage. 

The first step is to consult with a reverse mortgage specialist who will answer any questions and tell the senior how much money is available.  The next step is to meet with a representative to talk about the different products and help them choose the one that is right for them.  Seniors may want a family member to sit in on this discussion so everyone is aware of the process and benefits.

Next, the government requires an independent counseling session, at which time an objective party will answer all questions and dispel any confusions. 

After the consultation, a home appraisal is done to determine the value of the home.  Once the value is determined, all the paperwork is completed and signed.  At that time, the senior can decide whether they want monthly installments on their loan, or a lump sum payment.  The money is theirs to spend however they wish.

Consult Ken Dellutri, Reverse Morgtage Specialist with American Portfolio Mortgage to see how a reverse mortgage can help you.  888-302-2762

Overview of Reverse Mortgages

Senior Thursday

What is a Reverse Mortgage, and how does it help seniors?  A reverse mortgage allows seniors to tap into the equity they've built into their home.  It's a loan against the home, and it doesn't have to be paid back for as long as the senior lives in the home.  The money is generally tax-free because it's not considered income. Nor do the funds affect Social Security income.

Homeowners over the age of 62 who have equity in their home, and that home is their primary residence, qualify for a reverse mortgage.  The amount of the loan is determined by the homeowner's age, the total value of the home, and the amount of equity in the home. 

Monies can be distributed as a lump sum, or in monthly payments.  Homeowners can use the money any way they wish, whether it's to purchase a vacation home, help pay bills, or put a child through college. 

It's important to remember that the senior will still retain ownership of the home, and can never owe more than the home is worth. 

Consult Ken Dellutri, Reverse Morgtage Specialist with American Portfolio Mortgage to see how a reverse mortgage can help you.  888-302-2762