How to choose the right reverse mortgage originator
The right person makes the difference between a smooth process and a bad experience. Here's what to look for, what to avoid, and why the choice matters.
A reverse mortgage is a major decision
Qualified advice is invaluable when you're deciding whether a reverse mortgage is right for you. So is picking a Mortgage Loan Originator who is well versed in every aspect of reverse mortgages. Not every LO is.
A Mortgage Loan Originator has to adhere to strict ethical conduct. They must explain every term and condition of the loan clearly, and treat your needs and goals with respect. They can't pressure you or steer you into another product, like an annuity, that might not be in your best interest.
If you sense you're being pressured, shop around. It's your decision. Only you can decide what's right for you.
Green flags and red flags
The behavior below tells you a lot. Trust your gut on all of it.
A great originator does this
- Explains every term and cost in plain English
- Answers your questions fully, even the awkward ones
- Welcomes your family and financial advisers into the conversation
- Tells you honestly if a reverse mortgage isn't the right fit
- Gives you time to think, and encourages you to shop around
- Specializes in reverse mortgages, not a "jack of all trades" LO
A bad originator does this
- Pressures you to decide quickly or "before rates change"
- Steers you toward an annuity or another product
- Skips over costs, fees, or fine print you should understand
- Doesn't want your family or CPA involved in the process
- Makes promises that sound too good to be true
- Talks past you or over you instead of listening
It's your decision. Only you can decide what's right for you. My job is to give you the whole picture so you can make it.
Michael BrouseWhy work with a reverse mortgage specialist
What sets a specialist apart from a generalist, and why it matters when a reverse mortgage is on the table.
Knowledge is power
Read up on reverse mortgages by browsing this site. There's a ton of valuable content here already. A good place to start is the FAQs and Resources page. If you want to double check what you've heard from other people, my Myths and Facts page walks through the ones I hear most often.
A reverse mortgage might not be right for you
I realize that, and I'd rather tell you now than pretend otherwise. If you're looking to remodel your kitchen, a single purpose loan might make more sense. If a reverse mortgage could actually fit your situation though, I'd love to talk. I'll walk you through every step of the process and answer any question you have. I look forward to discussing the best loan options for your unique situation.
Ready for a straight conversation?
Reach out and I'll answer your questions honestly. No pressure, no obligation, no sales pitch.
This advertisement does not constitute financial advice. Please consult a financial advisor regarding your specific situation. There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrowers are still responsible for paying property taxes, homeowner's insurance, and maintaining the property. Failure to do so could make the loan due and payable. Credit is subject to age, income standards, credit history, and property qualifications. Program rates, fees, terms, and conditions are not available in all states and subject to change.
*Borrowers must continue to pay property taxes, homeowner's insurance, and home maintenance costs.