Financial institutions offering reverse mortgage have had received their share of negative feed backs; however, the criticism is due to lack of knowledge and idea of the product.
According to President of Direct Finance Corp. and Certified Reverse Mortgage Professional, Alain Valles says, “Many elderly homeowners who could have benefited from the simple reverse mortgage quote have been misinformed and discouraged by their family and friends. They could have received factual and accurate information to decide for themselves whether they need reverse mortgage.”
Reverse mortgage can many times be confusing, especially when people are not informed properly about the facts. So the best way to learn about the process is to invite each family member concerned, and so that everyone will agree that simple reverse mortgage quote is necessary. Below you will find how reverse mortgage can be rightful to your needs:
- Know Your Retirement Goals
You need to know your financial and housing goals for retirement. At aged 62 and older, what life could you expect? For instance, there can be a need for extra money to add to your income; or there is a need for home improvement, or payout your credit card debts and mortgages. Or maybe you feel secure about your financial condition right now, but are concerned with the outstanding assets and what is needed in the future, or maybe there can be medical costs to be incurred. Have you plans to stay for good in your current home up till retirement or prefer to downsize or rent. These questions help you determine whether you need simple reverse mortgage quote.
- Gather Facts
Learn about the product and why you need it in the future. Ensure you are dealing with an affiliate member of the NRMLA as they have a strict code of ethics. You also need to discuss your home conditions with the HUD approved counselor. This is to ensure that you fully understand all obligations, benefits and features of the reverse mortgage, so you can explore options and determine if this is best for you.
- Include Your Advisor
Whether you have an attorney, financial planner or an adult child that serve as your adviser, they need to encourage you to secure this simple reverse mortgage quote from a reputable lender.