Do you own a house? Are you 62 years old or older? 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 aid is only available to people who are retired and are at least 62 years old. If you are seriously considering about purchasing a reverse mortgage, then here are some tips that will help you identify the best reverse mortgage lenders in West Hartford, CT.
The first thing you should do is ask your family members, friends and relatives about reverse mortgage lenders. They may have a few names of some of the lenders that are trustworthy and reputable.
Check Certifications and Affiliations
The best reverse mortgage lenders are always certified to conduct business and sell reserve mortgages to elderly people. These certifications ensure that the lending company carefully follows 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, help you find the right lender. A reverse mortgage broker usually has a CRMP (Certified Reverse Mortgage Professional) designation.
Greytree Mortgage 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.