Where to Find Reverse Mortgage Lenders
Reverse mortgage lenders can be located through the U.S. Department and Housing and Urban Development (HUD). HUD maintains lists of lenders who have been certified to offer reverse mortgage to seniors. You can also find information with the National Reverse Mortgage Lenders Association (NRMLA). This association provides a list of lenders that offer reverse mortgage loans. The association has a code of conduct and other standards in place to ensure equitable lending practices and consistency among its members.
Types of Reverse Mortgage Lenders
Reverse mortgage lenders include mortgage companies, banks, brokers and insurance companies. The lenders must be approved to meet the needs of their borrowers and provide them with product expertise for their best loan options. Reverse mortgages are an important financing source for seniors who are looking to fund such needs as retirement and long-term care. Having a reverse mortgage lender who understands the needs of seniors and is reputable helps the process.
Banks and Financial Institutions
Several major banks and financial institutions offer reverse mortgages to their senior customers as well. Banks and financial institutions operate on a local, regional and national basis and can provide access to these loans based on their client relationships and understanding of the client's needs.
Finding an institution that offers reverse mortgage loans in your area can be easy. Search with the NRMLA, HUD, your local AARP state office or the housing council or association in your area. These resources can provide you with additional information about reverse mortgages, how they are useful in meeting the funding needs of seniors and how to access them.
Most lenders also have online calculators to help seniors figure out the amount of money they qualify for. The amount of income they qualify for is based heavily on property values so it is important to be conservative when estimating the property value. You do not want to overestimate the value, then pay fees for an appraisal report that will bring in a significantly lower amount. Be conservative to save yourself money and time.