Since most seniors aren't fully informed on the facts of reverse mortgages, having this knowledge places you in a small circle of educated people.
That puts you in the minority. Most seniors have very little idea of what a reverse mortgage actually is.
There is way too much wrong information being spread around by ill-informed people. This is an undeniable truth, and whats more, this information is going unquestioned and decisions are being based on it.
In the business of reverse mortgage, there were some persons who were taken advantage of.
If a person had money questions or a financial dilemma, they would turn to their financial adviser or planner, who would then refer them to a certain reverse mortgage lender that they knew and could vouch for.
One of the biggies here in Texas was a senior would go to their estate planning company and ask them for advice on a financial matter. The estate planner would refer the customer to his buddy down at the reverse mortgage company.
Because of the financial interest in referring the individual to a reverse mortgage company, they may not have the customers best interest at heart.
Whether the reverse mortgage was the correct financial response to the customers issue was not the problem. The problem lies in related business relationships causing a serious conflict of interest.
Don't get me wrong; a lender can still egg you on to choose a reverse mortgage, even when it may not be the wisest choice.
But dont panic. Anyone who is going through the process of getting a reverse home loan will have to meet with an approved Housing and Urban Development (HUD) adviser, before continuing with the reverse mortgage.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
In closing, if you or someone you know is considering a reverse mortgage, do not take or offer advice on the subject until you've educated yourself to know the honest facts. From my experience the facts differ greatly from common folklore.
That puts you in the minority. Most seniors have very little idea of what a reverse mortgage actually is.
There is way too much wrong information being spread around by ill-informed people. This is an undeniable truth, and whats more, this information is going unquestioned and decisions are being based on it.
In the business of reverse mortgage, there were some persons who were taken advantage of.
If a person had money questions or a financial dilemma, they would turn to their financial adviser or planner, who would then refer them to a certain reverse mortgage lender that they knew and could vouch for.
One of the biggies here in Texas was a senior would go to their estate planning company and ask them for advice on a financial matter. The estate planner would refer the customer to his buddy down at the reverse mortgage company.
Because of the financial interest in referring the individual to a reverse mortgage company, they may not have the customers best interest at heart.
Whether the reverse mortgage was the correct financial response to the customers issue was not the problem. The problem lies in related business relationships causing a serious conflict of interest.
Don't get me wrong; a lender can still egg you on to choose a reverse mortgage, even when it may not be the wisest choice.
But dont panic. Anyone who is going through the process of getting a reverse home loan will have to meet with an approved Housing and Urban Development (HUD) adviser, before continuing with the reverse mortgage.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
The counselor has nothing to gain by leading you one way or another. They are there to bounce questions off of and to check over your situation. If something is amiss you will be told what it is.
In closing, if you or someone you know is considering a reverse mortgage, do not take or offer advice on the subject until you've educated yourself to know the honest facts. From my experience the facts differ greatly from common folklore.
About the Author:
You may have heard a few things too. Set yourself and others straight with this California reverse mortgage report. More facts and and a California answer center to the reverse mortgage is here.
0 comments:
Post a Comment