There are many articles written about HECM/Reverse Mortgages which are intended to lure consumers into using the product. Not surprisingly, most are written by lenders looking to increase their monthly sales volume. In an effort to assist consumers in their quest to learn more- we felt compelled to provide you with the following 3 key points to aid you in your search.
1. HECM/Reverse Mortgages are not as complex as some would like you to think. However, because it is generally a once in a lifetime event, it is difficult to develop the expertise one would like to have when completing a financial transaction of this magnitude. With that said, below are couple of places where you can receive some information which may help reduce the anxiety and stress some feel. Go to www.usareverse.com for a complete library and links to helpful information you will want to read.
2. Seek the advice of those you trust and allow them to weigh-in. Independent and competent financial and legal advisors are generally the best to contact and involve when assessing the value a HECM or reverse mortgage may provide. Plus, they can assist you in developing a comprehensive list of question you should ask your lender and the HECM counselor you work with. Generally, the smartest people you know are those who involve or bounce ideas and questions off of others. You may not always take their advice but their insight can help you make the right decision for you.
3. Don’t allow anyone (including yourself) to rush the process. It is more important to analyze all your options and receive answers to ensure you are confident than to jump into a long-term relationship which you regret.
Hopefully, these 3 pointers will be of assistance and if you ever have any questions and would like to be connected to someone you can visit with please feel free to call us at 1-855-212-8385. Note: we are not a lender but a free resource and advocacy group.