It’s no secret that Reverse Mortgages in the past have earned a poor reputation. Previously, homeowners were ill-informed and were subject to all sorts of unethical practices by lenders. Homeowners were not fully educated and often didn’t know what they were getting into with a Reverse Mortgage. Fees could be exorbitant. Often times the only person who benefited was the lending company and/or its representatives.
As recently as October 2017, the government has strengthened the program by installing new safeguards to protect the consumer. Disclosures of terms and costs have been made more complete and easier to understand. Charges to the consumer have also been limited. And the consumer is now required to consult with an independent government (FHA) appointed counselor before taking out a Reverse Mortgage to assure the homeowner that they fully understand the program before moving forward. All these changes further safeguard the consumer while keeping costs to a minimum.
It truly is a New and Improved Reverse Mortgage and a great opportunity for future financial stability for seniors.
Call us today to learn more 1-(844) 388-8726