How to Find a Reputable Reverse Mortgage Lender

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Author: Allan Young

Once you make the decision to find a reverse mortgage that is right for you, the task of finding the ideal lender is next on the agenda. In some ways, your search for the right reverse mortgage lender is similar to identifying and securing financial services of any kind. Here is a simple process for finding the best reverse mortgage lender for your situation, including some strategies that may be new to you.

The best place to begin your search for a reputable reverse mortgage lender is with your local banks. Begin with the bank where your accounts currently reside. In some cases, you may find that your bank provides this type of financial service. If so, get all the details regarding the structure of the loan, especially information about the interest rate, how it is applied to the outstanding balance, and what options you have as far as receiving disbursements under the terms of the loan agreement.

Once you have this first example from your bank, start making the rounds to other banks in the community. Compare the terms offered by different banks with what your bank has to offer. You may find that some lenders provide benefits that others do not, including a lower interest rate or more favorable terms related to the disbursements. If at all possible, compile at least six different offers from local sources. This will give you a thorough understanding of how reverse mortgages work, as well as provide you with first hand experience with a select group of lenders.

However, don’t consider your search to be nearing an end just because you have a half-dozen quotes on reverse mortgage loans. Now that you’ve gotten into the swing of assessing different loan plans, take to the Internet. Here you can seek out a number of other lenders, and compare the deals they can offer you with what you can command from local sources. In fact, you can use quotes from online providers to go back to local lenders and possibly get them to match a good deal you found online. Just make sure the provisions in both mortgage loan agreements are comparable to one another, or the chances of getting a better deal locally are extremely slim.

When researching different lenders online, don’t stick with just the official web sites. Seek out forums where people gather to talk about their experiences with different reverse mortgage lenders. Be prepared to find negative as well as positive comments about each lender on your list. Just keep in mind that no matter how ethical or honest a lender happens to be, he or she cannot please everyone. When you encounter negative comments, try to ascertain whether the complaint is justified, and what steps the lender took to resolve the conflict with the client. Reading between the lines in this manner will help you learn things about lenders that would never have been obvious otherwise.

Along with your online research, check out lenders through different consumer watchdog organizations. Here you can find out detailed information about overall ratings in terms of service, integrity, and compliance with local laws that are exhibited by the lenders on your list. If you live in the United States, make sure to check with the Better Business Bureau, and review any information they can provide. It is also a good idea to request a Dun and Bradstreet report on lenders that catch your eye, since the details provided on those reports can help you determine just how financially stable a given lender happens to be.

The final leg of your search for the most reputable reverse mortgage lender has to do with assessing the general attitude, knowledge level, and accessibility of each lender that has caught your eye. While you want to get the best deal possible, you also want to work with someone that you feel a personal connection with. Unless you feel that your business is important to a lender, and that you are more than just a series of numbers on a piece of paper, continue your search. The best lender for your situation is one that offers excellent terms, has a solid financial base, and also wants to make sure you are fully satisfied that you are making the right choice. If at any time you feel pressured to move faster than you like, take that as a sign to cross that lender off your list and move on to the next one.

Finding the ideal reverse mortgage lender does not happen overnight. But by taking your time, weighing your options, and researching the background of each lender that seems a viable choice, you can identify at least two or three lenders that are likely to be a good fit. When coupled with your personal instincts about the level of rapport that can be established with each lender, one is sure to emerge as the clear winner.

Allan Young is a freelance writer who offers suggestions about how to get a reverse mortgage.