Do you own a house? Are you above 62 years old? Are you looking for some extra money besides your pension income? Congratulations! You are on the right page. A reverse mortgage is a way to generate an additional cash flow by keeping your house as collateral. This financial facility is only available to people who are retired and are 62 years old or above. If you are seriously considering about purchasing a reverse mortgage, then here are some tips that will help you in identifying the best reverse mortgage lenders in your area.
The first thing you should do is asking your family members, friends and relatives about reverse mortgage lenders. They would probably give you the names of some of the lenders that are trustworthy and reputable.
Check Certifications and Affiliations
Best reserve mortgage lenders are always certified to conduct business and sell reserve mortgage to elderly people. These certifications ensure that the lending company follows all the professional code of conduct. In the reverse mortgage business, NRMLA is the body that sets rules for this industry. So, do remember to check whether the lender that you have selected is affiliated with NRMLA or not.
Contact a Reverse Mortgage Broker
A reverse mortgage lender is generally a big lending firm that can originate, close and fund the loan. On the other hand, there are reverse mortgage brokers, who can only originate a loan and will then submit it to the lender. These brokers can meet you face to face and can better access your needs and thus can help you in finding the right lender. A reverse mortgage broker usually has a CRMP (Certified Reverse Mortgage Professional) designation.
Longbridge financial is a lender that specializes in reverse mortgages and is approved by the Federal Housing Administration (FHA). It operates in 46 states and is committed to providing financial peace of mind to the elder generation. They are a member of NRMLA and are considered as the best reverse mortgage provider in New Jersey.