Reverse Mortgages a guide

Some of the rules of getting a Reverse Mortgage,

 From the (National Reverse Mortgage Lenders Association) (NRMLA).

How do you begin to learn about a reverse mortgage? 

You contact a reverse mortgage professional at a lender who specializes in these loans. 

We recommend you contact one who is a member of the National Reverse Mortgage Lenders Association (NRMLA).

All NRMLA members must adhere to a Code of Ethics & Professional Responsibility and the Pledge to Reverse Mortgage Borrowers in which they promise to serve you with integrity and professionalism. Your best interests are our members' only consideration. 

A NRMLA member will:

Present you with a full range of reverse mortgage products that are available from his/her company;

Explain the terms, benefits and costs of each product;

Clearly explain his/her responsibilities to you;

Clearly explain your responsibilities under the terms of a reverse mortgage, including paying property taxes on time, maintaining insurance and maintaining your home in good condition;

Carefully review your income, assets and expenses to help you assess whether you can meet these obligations and determine whether the reverse mortgage is the best financial product for your situation;

Meet with you as frequently as you need and, at your request, also meet with other members of your family or your financial advisors;

Explain that, according to Federal statute, you must complete a reverse mortgage counseling session and provide you with a list of HUD-approved counselors you may contact. (As a means of maintaining a hands-off relationship so that you get unbiased third-party advice, a lender is not permitted to recommend any specific counselor);

Prepare you for making your counseling session the most effective by providing you with questions you might want to ask and information you should confirm.