Have you ever wondered what the reverse mortgage process looks like from the perspective of a consumer? If so, a new segment from Time Goes By provides an honest and independent look at one of its authors, Ronni Bennett’s, experience of getting a reverse mortgage.
She has done a great job researching reverse mortgages and even mentions the recent Time Magazine article. “Nearly every sentence contains false or misinformation and half-truths,” she says.
How did she find reverse mortgage lenders to contact? HUD’s website. She writes:
Last Monday evening, I sent this query note, including my name, email address and telephone number:
I obtained your email address from the HECM-approved lender list at the HUD website. I live in Lake Oswego and am looking into the possibility of a reverse mortgage. I am 69, own my home outright and am interested in what you can offer. May we speak on the telephone sometime this week?” Of the eleven email messages, three were immediately returned as undeliverable due to this or that technical problem. Of the remaining eight, three contacted me within 24 hours. As of today (Thursday afternoon), I have not heard from the other five and am now as disinterested in them as they apparently are in my business.
A lesson from this is that if, in searching for a lender, you want more choices than three, enlarge the search area on the HUD website from, for example, your town to your state. Until or unless a reason appears to talk with more lenders, I am sticking with these three.
They are all friendly, well informed about HECMs and two in particular (let’s call them A and B) had as much enthusiasm for helping elders improve their lives via reverse mortgages as I have for the topic of aging in general. All three have years of experience as reverse mortgage originators; they know the issues and facts, and have the answers.
Curious to hear how it went? I was, check it out here.