Who are Reverse Mortgage Originators
When you engage a reverse mortgage originator this is a fee paying service
. The services of these originators is basically to acquire the reverse mortgage loan. The steps in acquiring a reverse mortgage loan starts with the application form and your circumstances. To complete these activities will require you and the originator to share information and ideas. In selecting an originator make sure they are experienced with a good track record. This is a specialist job and you don't want to select just anyone that works in the finance sector, you need a specialist. When you select an originator you must feel that you can trust that person, you feel comfortable with them and you don't feel pressured or railroaded into a course of actions, if you do get yourself another originator. Remember this is all about you, it is your loan and you will be the one who has to pay off the loan over many years. The reverse mortgage originators also have an association where you can check who is good, or not good. This association is called the National Reverse Mortgage Lenders Association (NRMLA). In addition this association has plenty of helpful resources and materials that can help you in obtaining a reverse mortgage.
In the usual course of events, the originator will meet with you to determine of the many types of reverse mortgages available on the market, is the most suited for you. This means that you will be asked a lot of questions that include financial, your aspirations and plans for the future. This then will help filter out the loans that are not suitable for you and you will then complete together the application form of the reverse mortgage that you both believe will fit the bill. You will find that you will probably have many meetings with the originator as there will be questions that you will have over a period of time and there will be information that you will not have available at the same time as it is required. One of the benefits of this is that you will probably build quite a good repore with this person which can only help with the advice you are relying on. The reverse mortgage originator will submit the completed application to the relevant underwriters.
The fee structure of the originator should be provided to you at the beginning of your engagement. This is mandatory for the reverse mortgage originator to provide. This list will provide pricing in approximate costs for each of the services, you will notice how quickly this can build up to many thousands of dollars, so be sure you can afford it. If you cannot afford it as an upfront payment before you get your loan, a lot of people include this figure in their loan, thereby they are paying it over the period of the loan and not in a single payment. A reverse mortgage is a serious step to take, as is any loan. It is usually the cheapest interest rate for a loan you can find, as it is basically a home loan. Make sure you make you loan payments because if you don't the financial underwriter can repossess your home from you.
Who are Reverse Mortgage Originators
By: Tom Peters
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