According to a news report by Lubbock Online, there are five important questions that you should make sure to ask before you agree to work with your reverse mortgage lender.
These five reverse mortgage lender questions are:
What is your personal history in working as a reverse mortgage lender? (Length of time doing so, success, full or part time, etc.)
What is your NRMLA membership status?
What kinds of reverse mortgages and HECM options do you offer?
What is this actually going to cost me? (Ask for an itemized list to assist you in understanding what it will cost and what your payment schedule is going to be.)
What is your process for making sure that I get the best loan for my unique situation?
Ultimately, it is best that you go with your gut instinct about your reverse mortgage lender. If you get the feeling that he or she is going to scam you, then it doesn’t matter how good their track record is. Conversely, you might be willing to work with a reverse mortgage lender who is new to the field if you get a good feeling from the interaction. Nevertheless, asking these five questions is a good start to assisting you in making a decision about whether or not to work with a particular reverse mortgage lender.
