There is an article available online today which may be useful to seniors seeking out a good reverse mortgage loan and specifically aiming to avoid those loans that are bad or which have some serious limitations. The article lists thirteen different red flags that you should be aware of when looking at a reverse home mortgage loan. If any of these "red flags" is apparent then you should question the reverse mortgage loan and do some more research before moving forward with signing for the loan.
Some of the things that the aricle suggests that you look out for are complicated contracts that you have trouble understanding, a general lack of willingness from the lender to discuss the specifics of the loan and an apparent lack of alternatives to the reverse mortgage loan that are being discussed. Basically, you want to work with a lender who is going to be up front and honest about the fees involved, the details of loan payback and the pros and cons of getting the loan.
Question of the Day: What are the biggest red flags warning you that you should not get a reverse mortgage loan?
