should i get a reverse mortgage

Homeowners age 62 and older hold a record $7.1 trillion in home equity, according to the National Reverse Mortgage Lenders ..

Armed with that information, an originator should not delve deeply into features of a reverse mortgage that will not be used. procrastinating can only make [the fear they feel] worse,” he says.

“[Originators should] help the client understand. part of the borrower as to what type of reverse mortgage counseling they’re seeking,” she says. “If not, we help them to understand how they would.

This was part of a discussion among the sales professionals that took place at the National Reverse Mortgage Lenders Association (NRMLA) Eastern Regional Meeting this week in New York. “One of the.

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I tell you, we get a pretty early start here. What do you think the average reverse mortgage professional should know about what the association does for them that may not be obvious to them while.

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Because of this, a question that potential borrowers sometimes ask is, "Can I get out of a reverse mortgage?" The Right of Rescission. The great news is the answer is yes. Most reverse mortgage loans come with a period called "the right of rescission," similar to a "cooling off period."

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The current reverse mortgage rate environment may not. would have made the same choice.” Originators should find encouragement in this new rate environment, Hultquist says. “Hey, originators: Get.

“The only way for a traditional mortgage company, in my opinion, to get their loan officers. are offering both traditional and reverse mortgages, says Harmes. While some may believe that a “wall”.

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I still think we can do better at that, and as an industry we should uniform a lot of the disclosures. I feel sometimes when I talk to people and tell them I’m in the reverse mortgage industry that.

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“The first thing [loan officers should know] would be that they. they know what they’re talking about, and can get the job done,” he says. For more of Gary Singer’s perspectives on the reverse.