Why You Dont Have To Fear The Reverse Mortgage Process
If the recent months have taught the average American anything
, it is that most people do not understand the majority of the banking transactions that they undertake. They dont always get it that banks and other lenders do not always have their best interest in mind. Mortgage lenders worked hard to get you into a house, not because of your pretty smile but because of the commissions and the fees that they got from your business. They wanted you in a loan whether you could afford the loan, understood the loan or even really qualified for the loan. And then the housing market bottomed out under the double strain of mortgages that were too much to handle and record job losses.
The reverse mortgage, which has some of the same features of a conventional loan as well as a wide number of benefits on its own, is not anything for a senior citizen to fear. It is meant to give them a cushion against the rising cost of living as well as the decreasing value of retirement packages. Before you get the first dollar or before you sign the final closing papers, you have to understand everything that is involved with that reverse mortgage. You arent expected to know all of these details on your own, however.
www.legacyreversemortgage.com
The Reverse Mortgage Guide has a built-in requirement for a counseling session. That counseling session will be with an independent, third-party counselor, and will cover everything including the programs benefits, features and the exact costs. It will explain what happens to the reverse mortgage if you should decide to move away from your home or in the event of your death. Awww.legacyreversemortgage.comnd the counselor will go over how you can access and use the proceeds from this reverse mortgage.
A senior who has used the reverse mortgage calculator and found that they are, in fact, eligible for a reverse mortgage program will more than likely have a number of questions that they want to ask. While filling out the preliminary forms, they should jot these questions down so that they can ask the counselor each of them and should not stop asking questions until they are comfortable with their knowledge of the reverse mortgage process and benefits.
These rules were established to protect not only senior citizens but the reverse mortgage providers as well. There have been far too many stories about unscrupulous lenders, all too eager to approve loans that should have been stopped in the early stages. Seniors who are more cautious with their money, or more hesitant to consider something they think of as credit, may be leery of using the reverse mortgage simply because they do not understand it.
If you do get a quote from Legacy Reverse Mortgage Counseling, you can give your permission and have the quote itself and your preliminary paperwork sent to the independent counselor so that they have the exact information in front of them to discuss during the counseling session.
by: Leonard H. Franklin
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