As a consumer interested in obtaining a reverse mortgage home loan, you are probably highly interested in reducing the risks associated with obtaining this type of loan. There are many different things that you can do to protect yourself from predatory lenders. The most important of these is to arm yourself with information about reverse mortgages so that you can make good choices about your loans. But in locating this information, there is something that is equally as important: you should keep an eye out for sales pitches.
The Long Island Business News recently reported on the reverse mortgage loan. They provided important information to readers (including the news we recently reported about the involvement of the Senate Special Committe on Aging in this issue). And one of the main things that they point out is that the "bad lenders" (also regularly called "predatory" or "unscrupulous" in the news) are those lenders which are pushing too hard to get you to accept a reverse mortgage loan.
A good lender will provide you with information about the reverse mortgage loan. He or she will explain the options that are available to you and will give you ample opportunity to ask questions. If you find that a lender is doing less of this and more of a spiel, you want to step away from the situation. Get advice from a third party, such as a financial planner, if you're not quite sure that your lender is giving you all of the facts.
Question of the Day: What steps would you take to be more assertive in dealing with a reverse mortgage salesperson?
