Financial Freedom Reverse Mortgage – Questions You Should Ask

August 23rd, 2007 | Stacey | Financial Independence, Financial Freedom Opportunities, Financial Freedom

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We have discussed the benefits of a financial freedom reverse mortgage several times in this blog. Savvy senior homeowners can make the most of their available equity and twilight years with the financial independence offered through a reverse mortgage. Here are five basic questions you should ask prior to committing to a lender to attain financial freedom through a reverse mortgage:

1.  How long have you been working with reverse mortgage clients? Choose a lender who has experience with reverse mortgages to ensure the best possible deal and service. With so many available lenders, there is no need to deal with an inexperienced one.

2.  Do you have the resources to determine the best reverse mortgage for my situation? Make sure the lender has options for different reverse mortgages to ensure you get the best deal for your situation.

3.  Can I have a breakdown of the fees, costs and amortization schedule related to the reverse mortgage? Lenders should provide full disclosure of the details of the reverse mortgage they suggest, including all fees and costs.

4.  Do you also offer Home Equity Conversion Mortgages (HECM) and Jumbo reverse mortgages? The lender you choose should offer innovative reverse mortgages choices so you are assured of the most advantageous mortgage to suit your individual needs.

5.  Are you currently a member of the National Reverse Mortgage Lenders Association (NRMLA)? Lenders who belong to the NRLMA are committed to providing honest, outstanding service to seniors through reverse mortgages.

When you apply for your financial freedom reverse mortgage, make sure to ask the right questions to get the right loan for you.