If you decided that you were interested in getting a reverse mortgage loan, who would you turn to for assistance with that loan? The majority of people go first to the bank where they got their first mortgage loan. A few will turn to a senior citizen financial advisor to get advice about the best place to go to get a good reverse mortgage. But a new option has just opened up which may provide a third party place to go to get a reverse mortgage loan - your insurance agent.
A new program called Wealthbridge has just opened up which offers various types of home loans, including the reverse mortgage loan, to individuals who first contact their insurance agents. The individual can call their health or life insurance agent to discuss the loan and will then be put in contact withe the Wealthbridge representative who can assist them with the details of the loan.
This option is appealing to some seniors because of the fact that they may have a long-term relationship with their insurance agent and may be more trusting of this person than they are of the people at their bank. The insurance agent will work with the individual to transition into the reverse mortgage loan with the appropriate professionals for that job. This adds a new level of security to the reverse mortgage loan and may improve mortgage lending practices for seniors.
Question of the Day: Would you contact your health or life insurance agent for help with a reverse mortgage loan?
