HUD Counseling for Reverse Mortgages Wards off Scammers
Equity in a home is, of course, one of the benefits of owning in the first place. After all, who wants to go through the loan process, make payments and pay for all the repairs involved in owning without some monetary payoff.
With no other savings, the equity can be tapped into as a lever to solve financial issues. The reverse mortgage was originally invented with this in mind.
The reverse mortgage is not without its shortcomings and is not the proper tool for all situations.
As a possible conflict of interest, it is marketed by people just like me, who make money only when they get a senior borrower a reverse mortgage; they don't make money by talking the senior out of it.
Now, I'm a loan officer, and I have respect for most in my business. Most of us will tell you the absolute truth and give a fair assessment based upon the facts at hand.
That being said a certain minority resides in this business (as with any business), made up of unethical individuals willing to ignore anything associated with the golden rule to get what they want.
In the copier business, where I worked in the past, my company had a saying for sales people to remember: Get it done by any means possible. They were serious about it too. Do anything possible to get that money.
A few people in the business of reverse mortgages feel selfishly too, but have faith. You may not see the bad guys coming, but you will have a backup consultant to spot them for you.
Federal law requires serious parties to have a counseling session with a neutral counselor of reverse mortgages, approved by HUD, before continuing with the transaction.
This gives would-be borrowers neutral educated reverse mortgage advice, who may be talked into a reverse mortgage, when they could better solve their monetary crisis in some better way. The counselor should be able to filter through any questionable items and give suggestions.
Someone is always lying is wait to trick or take advantage of seniors, and this is one way to greatly avoid that possibility.
With no other savings, the equity can be tapped into as a lever to solve financial issues. The reverse mortgage was originally invented with this in mind.
The reverse mortgage is not without its shortcomings and is not the proper tool for all situations.
As a possible conflict of interest, it is marketed by people just like me, who make money only when they get a senior borrower a reverse mortgage; they don't make money by talking the senior out of it.
Now, I'm a loan officer, and I have respect for most in my business. Most of us will tell you the absolute truth and give a fair assessment based upon the facts at hand.
That being said a certain minority resides in this business (as with any business), made up of unethical individuals willing to ignore anything associated with the golden rule to get what they want.
In the copier business, where I worked in the past, my company had a saying for sales people to remember: Get it done by any means possible. They were serious about it too. Do anything possible to get that money.
A few people in the business of reverse mortgages feel selfishly too, but have faith. You may not see the bad guys coming, but you will have a backup consultant to spot them for you.
Federal law requires serious parties to have a counseling session with a neutral counselor of reverse mortgages, approved by HUD, before continuing with the transaction.
This gives would-be borrowers neutral educated reverse mortgage advice, who may be talked into a reverse mortgage, when they could better solve their monetary crisis in some better way. The counselor should be able to filter through any questionable items and give suggestions.
Someone is always lying is wait to trick or take advantage of seniors, and this is one way to greatly avoid that possibility.
About the Author:
For a comprehensive guide to the California reverse mortgage make it over to this website. For all the skinny, go the California reverse mortgage fact sheet.
posted by Debt Consolidation Loan at
8:23 PM
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