Coffee Shop Rumors Rampant About Reverse Mortgage
You've seen the spokesmen on TV and youre getting solicitations in the mail about reverse mortgages. Maybe you're well versed in them and know your stuff.
That puts you in the minority. Most seniors have very little idea of what a reverse mortgage actually is.
Reverse mortgages are being talked about by people who dont always know the truth, and too often seniors make unwise decisions based on what they hear without a second thought.
In the reverse mortgage industry, there were some individuals who were manipulated.
If a person had money questions or a financial dilemma, they would turn to their financial adviser or planner, who would then refer them to a certain reverse mortgage lender that they knew and could vouch for.
When it came time to close, the statement showed a consulting fee was owed to the financial adviser, in the amount of 10 grand.
Because of the financial interest in referring the individual to a reverse mortgage company, they may not have the customers best interest at heart.
Thanks to current laws (such as those under the Real Estate Settlement Procedures Act) and senior advocacy groups, the kind of example above is no longer possible. Being taken advantage of is difficult with so many people on the lookout for you.
It is still up to you to make sure a reverse mortgage is the way to go. A lender will not always be forthright in telling you what is in your best financial interests.
But you are still not on your own, because all persons wanting a reverse mortgage must meet with a counselor, HUD approved, before proceeding with the loan.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
This adviser will tell you the honest truth because there is nothing in it for them. They are there to guide, and if your outlook isn't the best based on what you've chosen to do, they will shout it from the rooftops.
You may be considering or your know someone who is considering a reverse mortgage. Everyone seems to have an opinion. Some are based upon the facts, but most are total hogwash. Get your facts straight before you form your opinion.
That puts you in the minority. Most seniors have very little idea of what a reverse mortgage actually is.
Reverse mortgages are being talked about by people who dont always know the truth, and too often seniors make unwise decisions based on what they hear without a second thought.
In the reverse mortgage industry, there were some individuals who were manipulated.
If a person had money questions or a financial dilemma, they would turn to their financial adviser or planner, who would then refer them to a certain reverse mortgage lender that they knew and could vouch for.
When it came time to close, the statement showed a consulting fee was owed to the financial adviser, in the amount of 10 grand.
Because of the financial interest in referring the individual to a reverse mortgage company, they may not have the customers best interest at heart.
Thanks to current laws (such as those under the Real Estate Settlement Procedures Act) and senior advocacy groups, the kind of example above is no longer possible. Being taken advantage of is difficult with so many people on the lookout for you.
It is still up to you to make sure a reverse mortgage is the way to go. A lender will not always be forthright in telling you what is in your best financial interests.
But you are still not on your own, because all persons wanting a reverse mortgage must meet with a counselor, HUD approved, before proceeding with the loan.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
This adviser will tell you the honest truth because there is nothing in it for them. They are there to guide, and if your outlook isn't the best based on what you've chosen to do, they will shout it from the rooftops.
You may be considering or your know someone who is considering a reverse mortgage. Everyone seems to have an opinion. Some are based upon the facts, but most are total hogwash. Get your facts straight before you form your opinion.
About the Author:
Get the property info by getting this Calfornia reverse mortgage pamphlet. And by the way... Meander you way to this site for more facts about the California reverse mortgage..
posted by Credit Counseling at
4:16 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home