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What You Need To Ask Your Reverse Mortgage Lender

The majority of seniors have been affected by the recent economic downturn. Moreover, the high cost of living has added more to their current troubles. This makes it quite difficult to live on social security benefits or fixed retirement income. Nowadays, many seniors are encountering high health care costs and unexpected expenses. If you are having difficulty in making ends meet, you should give Oregon reverse mortgage a visit. Other seniors acquire reverse mortgage loans to make their life easier in their golden years.

Eligibility

If you own a home, and you are 62 years and above, you can acquire a reverse mortgage loan. This gives you the opportunity to take a loan against the equity in the home. In fact, you dr35t36y3u3uu3u3need not sell your home. Therefore, you can keep your property and the title of the property in your name. This is, in fact, the opposite of a normal mortgage loan as you are not required to make monthly payments or pay a lump sum. Other things that are not required include employment, credit, or income reports. If you find this loan ideal for you, you need to find an expert you can trust to help you out.

Questions to ask

Are you a lender or a broker?

Brokers can help you carry out legwork by looking for the best terms and rates. However, they are likely to charge you a broker fee. Therefore, if you want to keep costs down, you should work directly with the lender.

Are you experienced reverse mortgage specialist?

When the market for the standard mortgages dwindled, most, traditional brokers moved into the reverse mortgage market. If you have minimal experience with these loans, you need services of a consultant with proven track record in the area.

Membership

You can ask whether your lender is a member of NRMLA. This is a body that requires mdr35t363y7uuaj3embers to uphold high ethical standards. Moreover, it needs to adhere to a code of conduct. You should choose a lender that is an active member or in good standing. This will help safeguard your interests and ensures you work with a reputable, ethical company.

Fees involved

Reputable lenders sell you upfront. Moreover, they detail the costs and fees, which are associated with every loan option you choose. Ask the lender to explain each cost. You should be alert of hidden fees. Proceeds from the reverse mortgages are spent in any manner you want. For the senior citizens, they are important in meeting their financial goals.