If you are going to obtain a reverse mortgage loan, you are going to need to work with some professionals in the finance industry. To get the best loan for your personal financial situation, you'll want to know which professionals should be consulted during the course of obtaining the loan.
Here are some of the reverse mortgage professionals that you'll want to know about:
- Reverse Mortgage Lenders. You will need to get the loan from somewhere, probably a bank, which means that you'll need to work with the lender who is assisting you in completing the loan transaction.
- Financial Planners. You should get third party advice from someone who doesn't have a vested interest in which loan you take. A financial planner can give you tips on the loan process as well as help you set up a budget for using the loan.
- Elder Care Attorneys. When dealing with financial matters, you might find that you have some complicated money matters come up. If you're going to be involving other people in the transaction (such as children who have partial ownership of the home) or you have concerns about how Medicaid and other income might be affected, a consultation with an attorney would be a good idea. See an example of this here.
- AARP representative. If you're an AARP member with questions about a reverse mortgage, these professionals might be of some assistance.
There are other finance professionals who can assist you with a reverse mortgage loan but these are the ones that you should have at the top of your "to call" list.
Question of the Day: Which reverse mortgage professional are you most likely to speak with?
