5 Keys to a Successful Reverse Mortgage
1) Find a reverse mortgage broker with extensive experience doing only reverse mortgages.
Experience is crucial to navigating through the details of a reverse mortgage and determining what plan of action is right for you. There is no substitute for experience in completing a reverse mortgage. You need someone who has been through various situations associated with the reverse mortgage process and has delivered successful results time and time again for its customers. We complete deals others can’t!
2) Use a reverse mortgage provider that is familiar with the laws and procedure for reverse mortgages in the State of Texas.
Your reverse mortgage broker should know Texas law and the process for initiating and completing reverse mortgages in the State of Texas. Out of state brokers that solicit you from TV ads and paid celebrity endorsements probably do not have your best interest in mind. Their primary goal is to make money, even if it’s at your expense. We understand and work daily with reverse mortgages in Texas. Reverse mortgages in the State of Texas are all we do, they are 100% of our business.
3) Communicate and deal directly with the principals or owners of the reverse mortgage provider.
Do not do business with companies or providers who only send out notaries or signing agents to complete the paperwork. Your home is likely one of your largest investments and should be given top consideration by you and your reverse mortgage company. You need to be able to look your broker in the eye and get answers to all of your questions. We personally meet with virtually all of our clients.
4) Know the track record of your Reverse Mortgage broker. Ask for references.
Successful experienced reverse mortgage brokers will be able to provide you with many names of satisfied customers. Integrity and honesty are the trademarks of successful reverse mortgage providers. A reverse mortgage is a safe and secure financial tool for planning your financial future, but you need to do your homework. This it not the time to use an inexperienced provider based out of state or a provider who is too big to spend the time necessary to fully understand your individual situation.
5) Stay current on what is available in the reverse mortgage industry for Texas senior homeowners.
Reverse mortgages continue to be a safe alternative for senior homeowners because they are highly regulated and insured by the FHA in order to protect consumers and their interests. Don’t rely on old information or what you read a couple of years ago. Find out the facts surrounding reverse mortgages today and use current information to determine if one is in your best interest. Ask questions of a qualified and experienced provider.