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Reverse Mortgage myths still persist

By
Services for Real Estate Pros with Southwest Florida Notaries (Mortgage Notary Signing Agent)

Thumbs UpRecently, I saw a comment that I really want to address.  She was concerned about a relatives inability to make changes to their home because of having a reverse mortgage on their home.  About a month ago, I wrote a blog addressing this very issue http://activerain.com/blogsview/229001/Still-the-most-common  and the very first MYTH~that the bank takes title to the home.  Remember something, as with ALL mortgages or liens, YOU own your home, and YOU continue to own YOUR home, and you can make any improvements and upgrades you want (as long as you adhere to your local building codes).  If you know of someone considering a Reverse Mortgage, investigate all there is to know about Reverse Mortgages, get all the correct facts and unbiased opinions, then if it is considered the best choice, I can refer you to some excellent Reverse Mortgage Loan Officers, and you can also find some great ones here!  Contact me to begin to learn more about them.  Or any other mortgage broker, loan offcer, etc., that knows the correct facts about them, you can also ask that I come to you to do the loan signing (in Southwest Florida) or check out the many other NSA's throughout the state & country here on Active Rain! 

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Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

There are so many myths about reverse mortgages and even living trusts, it is a shame and I wish people would refer out a client that is interested in something like this product instead of spreading mis-information to the public. It is a real disservice to our industry.

Nov 05, 2007 04:34 PM
Lynnette Phillips Real Estate Consultant
Yucaipa, CA

I agree with Todd...Why don't people refer someone with these concerns to someone who can provide the correct information? Even if, for whatever reason, they do not want to speak to someone directly (and let's face it this is the most reliable way to go) there are so many resources online available.

Reverse Mortgage Education Project

AARP Foundation
601 E Street, NW
Washington, DC 20049
1-800-209-8085
www.aarp.org/revmort/list

U. S. Department of Housing and Urban Development (HUD)
451 7th Street, SW
Washington, DC 20410
1-888-466-3487
www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, NW
Washington, DC 20580
www.ftc.gov/bcp/menus/consumer/credit.shtm - Click on "Mortgages & Your Home" 1-877-FTC-HELP (1-877-382-4357)

Nov 06, 2007 03:03 AM
Ronald Gillis
Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL
CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Todd & Lynette, thanks for stopping by & commenting!  I certainly agree, that's why I wrote the blog.  I think some of the problems stem from some of the original private RM's that I would say were a rip-off.  The new (well not really all that new now) HECM programs have corrected most, if not all of the problems from those original private RM's.  That's why I am now such a big proponent of these!  The relief they can bring to a senior is tremendous!  I hope anyone considering a RM checks them out thoroughly, and if they decide to get a RM, just make sure they get a HECM HUD-backed FHA Reverse Mortgage!

Signature

Nov 07, 2007 09:59 AM
Zach Boyle
Advisors Mortgage Group, L.L.C. - Lindenhurst, NY
NMLS 56123 Branch NMLS 301453

Ronald, Check out www.nonprofitreverse.com with your background you would probably be able to get set up with them if you jump through their hoops.  I got approved, but haven't actually gotten any good referrals from the site, just some strange questions from renters.

Apr 05, 2010 04:46 PM