Selecting a Reverse Mortgage Lender Or Reverse Mortgage Broker - Key Questions to Ask

By John Mazzara

If you take a look at reverse mortgages today, you’ll find that there are quite a few new products that are available and different pricing options out there as well, which is why many people are considering whether or not a reverse mortgage is really a great senior housing option for their needs. Of course you’ll find that there are both benefits and disadvantages to going with a reverse mortgage, but for many people the benefits outweigh the bad. If this is the case, you are going to want to look for a reverse mortgage lender that will provide you with the great reverse home mortgage that you want and need. However, how can you know that you are going with a great lender for your reverse mortgage? Well, here are a few key questions that you’ll want to ask when it comes to selecting a lender for your reverse mortgage.

Question #1 - Can You Offer Me Access to Jumbo Mortgages and HECM’s?
One of the most important questions that you should ask if you are looking for a good reverse mortgage lender is, can you offer me access to Jumbo reverse mortgages or just FHA HECMs. You want to make sure that the lender that you choose offers you the best product options that are available to you today. You’ll also want to make sure that the lender that you choose knows about the huge range of HECM options that are available today, which are great choices if you have a HUD product. Also, if you are considering Jumbo loans, then you need to look for the best options that will work for your needs. If they cannot provide you a good selection and great choices, then this may not be the best lender for you and the needs that you have when it comes to getting a reverse mortgage for your home.

Question #2 - Can You Ensure I’m Getting the Best Possible Mortgage?
You should also be asking reverse mortgage lenders if they can ensure that you are going to get the best possible mortgage out there for your needs. Lenders that are established actually have processes in place that will help you to make sure that you totally understand the various choices that are available to you and that match your situation as well. In fact, there are some lending companies that actually require that you get independent counseling before you decide that a reverse mortgage is the right option for you, which helps you to make sure that you get the best reverse mortgage option for your needs.

Question #3 - How Long Have You Been Working with Reverse Home Mortgages?
Make sure that you ask the reverse mortgage lender how long they have been working with reverse home mortgages. Today you’ll find that there are newer lending companies out there that are very new to dealing with reverse mortgages, which is not always the best option for you. Going with lenders that already have a long history working with reverse home mortgages is a great idea, since they already understand how these mortgages work. So, knowing how long the lender has been working with these types of mortgages is definitely important if you are interested in finding the best lender for your needs.

Question #4 - Can You Show Me the Breakdown of the Fees, Costs, and an Amortization Schedule?
Last of all, when you are considering various reverse mortgage lenders, you’ll also need to ask them if they can show you the breakdown of all the fees and costs of the loan, along with providing you with an amortization schedule for the products too. Good lenders will be more than happy to provide you with the breakdown of the fees and costs for the different reverse home mortgage options that they have to offer and they should also be more than willing to explain to you how the reverse mortgage works and how it can help you.

Reverse mortgages in Minnesota are provided by Venture Development at http://www.MinnesotaReverseMortgage.net John Mazzara is involved with financial services in the Twin Cities, MN. Officing out of Edina, Minnesota-John is centrally located within the 7 county MN metropolitan area. John owns three separate businesses-a licensed real estate broker associate selling Minnesota real estate since 1986-affiliated with RE/MAX Associates Plus http://www.MinneapolisStPaulHomes.com, an independent CFP-certified financial planner since 1989 with an independent Minnesota financial planning firm-Financial Planning Associates and the owner of a Minnesota mortgage broker firm-Venture Development Inc-specializing in residential, commercial and investment mortgages for purchases of single family homes, investment properties and commercial property. Venture brokers FHA, VA, Conventional loans and lines of credit. If you are looking for someone to help you in the areas of real estate sales/purchase, mortgages, or and/or financial planning and insurance you should call John for a free 1 hour consultation to see if he can meet your needs. 952-929-2577. RE/MAX Associates Plus and Venture Development are located at 7300 France Ave S, Suite 410, Edina, MN 55435

Photo by David Wiley

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