Reverse My Mortgage (RMM) recently launched a new program targeting children of prospective reverse mortgage borrowers who are concerned about the financial consequences of the loan.
The program aims to provide consultations that involve family members worried about their loved one’s decision to use the Home Equity Conversion Mortgage (HECM) program, and the impact the loan has on home ownership.
RMM is offering face-to-face consultations explaining the pros and cons of HECM loans, along with information on how to leverage the market for better results. Family members can also learn about how to properly use Medicare and Social Security benefits along with reverse mortgage proceeds to maximize financial outcomes for borrowers.
“Children are often involved with their parents’ home ownership and often assisted in their decision making,” says RMM. “By introducing a family consultation program for the potential HECM loan applicants as well as their children, RMM is ensuring that the decision is one that benefits the entire family.”
During the consultation, RMM goes through the entire reverse mortgage process and aims to make families aware of how their home equity would be impacted with a reverse mortgage, and which routes would give them the best benefits.
“We are very excited for this program since addressing home ownership concerns with family members is among the most important things we do as Utah Reverse Mortgage brokers,” said Mark Schow, owner of RMM, in a statement. “Every child’s greatest fear is that someone takes advantage of them and they lose the most precious asset they have worked for their entire life: their home.”
Written by Alyssa Gerace