“In surveys, many borrowers say reverse mortgages have improved their lives and provided money they needed for retirement.” — Charles Duhigg
Before choosing a reverse mortgage in California, let’s define what a reverse mortgage is. Wikipedia’s definition is this:
“A reverse mortgage is a type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance. Reverse mortgages allow elders to access the home equity they have built up in their homes now, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month. However, the borrower (or the borrower’s estate) is generally not required to repay any additional loan balance in excess of the value of the home.”
What the Reverse Mortgage Specialist Believes
Rick May Reverse Mortgage believes knowledge is the absolute key to choosing the right reverse mortgage in California lender. I think we all can agree that when choosing anything in life there should be some guidelines to follow. It’s an aid that helps everyone make a better decision for them and their families. Choosing a reverse mortgage in California lender should be no different. If you live in Sonoma County, we’d love for you to contact us at Rick May Reverse Mortgage, so we can begin our relationship. But, this blog post is for everyone who is researching what tips or guidelines or help for beginning the process of choosing a reverse mortgage in California lender.
Search Baby Search!
Choose your reverse mortgage in California lender wisely. Friends, Family, Colleagues or referrals should all be sought out. Also, contact any brokers or loan officers with whom you already have a relationship with. They can and will be more than happy to lead you in the right direction. Don’t just go with those recommendations, research and ask questions and pick mortgage in California lender you feel most comfortable with.
Small or Large
After you’ve collected your referrals and made your list of the reverse mortgage in California companies you are interested in, then the next step is to find out if you want to deal with a large national lender or a small, community lender. In theory, all reverse mortgage lenders offer an identical loan, but the level of service and some of the fees can differ meaningfully from lender to lender. The benefit of dealing with a smaller lender is that you may be able to establish a closer relationship with your loan officer, whereas a national lender might be able to offer you the best deal.
Excuse me, I have a Question
We can’t stress this enough, this reverse mortgage in California choice is yours. So, we highly encourage you to ask questions. Don’t let larger lending companies take you out of the process. We want to work for you and with you at Rick May. This choice is a big deal and you should know everything that’s going on. You should ask each lender for an explanation of the risks associated with your reverse mortgage as well as any recommended alternatives. This type of questioning is a way for you to gauge the level of honesty your lender is giving you. For example, if the lender only pays little attention to the risks and alternatives with your reverse mortgage plan, it could be a signifier that he has an incentive to sell you a reverse mortgage in California loan. Thus, bringing his pitch of advice and sale as a ‘full of you know what.’ You should also ask questions about having to purchase any other financial products or annuities in concurrence with your reverse mortgage. It’s in your best interest to ask these questions because the answers are enlightening and can lead you to the understanding that some of these companies are doing things illegally. Thus, allowing you to cross them off your list.
Reverse Mortgage in California
When choosing a reverse mortgage in California or any state you should seek out suggestions from family, friends, colleagues or referrals, then decide on a small or large lender that’s right for you, and then ask as many questions as you can to make you feel comfortable in your eventual lender choice. A little thing to remember is that you have 72 hours to exercise your Right of Rescission. Some people are never told this important fact. But you can start from the beginning with a brand-new lender or back out altogether. We’d love to start a conversation about your possible mortgage in California loan. Please contact us with all your questions or to set up an in-person meeting so we can help start the process or help uncover any misconceptions you may have.