4 Ways You Can Tell Your Lender is Solid

If you’ve already made the decision to go for a reverse mortgage, then the next thing you need to do is find a good lender. You’d be surprised at how many people choose the wrong one and end up with a bucketful of regrets. Be wise about your choice. Here are some of the signs that tell you’re dealing with a solid and trustworthy lender.

Good Communication

Your lender promptly returns your calls. An hour or two is a good time frame. They also speak in plain English, avoiding the use of jargon that could confuse you. If they do use complicated terms, they make sure to explain what they mean, ensuring you’re both on the same page.

Range of Options

When they make recommendations, they don’t focus on providing you with only cheap or expensive loans. Instead, they provide you with a range of options to allow you to choose the best one out of the pile.

Choices That Fit You

Are the choices a good fit for your financial situation? If they are, and if they take into account specific needs that must be addressed, then those are sound options, proving that you’re dealing with a reverse mortgage lender who knows how to get the job done right.

The Right Questions

You need to stay in the home, be 62 years of age and be able to pay off your property taxes to qualify for a HECM loan, says CNBC News. If your lender isn’t asking you how long you intend to live on the property, why you need the money, or if you have enough resources to keep paying for your property taxes in the future, then you might want to go elsewhere.

Keep these signs in mind so that the next time you find a good lender you’ll know it right away. Browse this website for more information.

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