HUD Counseling a Stopgap to Bad Advice for Reverse Mortgage
For a homeowner, the equity in the home, from a monetary angle, is the fruit of originally purchasing the home and then making all of those nasty payments.
The reverse mortgage was originally invented to help seniors with financial issues. Without any other type of savings the homeowner can access the equity to solve money issues.
Each financial situation requiring remedy is unique. As such the reverse mortgage does not always fit well as a solution.
The reverse mortgage is profitable to a lender only when a borrower decides on getting a reverse mortgage. No return is made by talking the senior out of borrowing. The door is open to unscrupulous people.
Now, I'm a loan officer, and I have respect for most in my business. Most of us will tell you the absolute truth and give a fair assessment based upon the facts at hand.
However, a certain contingent exists in the mortgage industry, as it does in any industry, comprised of unethical individuals willing to lie, cheat and steal to do a deal.
Previously I worked as a salesman in the office machine industry. My employer had a sales motto: Do what you gotta do. And they weren't kidding! Try anything you can to get someone to bite.
Some people in the reverse mortgage business feel that way too, but take heart. You may not see them coming, but they wont be your only advisor.
The law requires borrowers to counsel with a neutral, third-party, HUD approved reverse mortgage counselor prior to moving forward with the process of a reverse mortgage.
This gives would-be borrowers neutral educated reverse mortgage advice, who may be talked into a reverse mortgage, when they could better solve their monetary crisis in some better way. The counselor should be able to filter through any questionable items and give suggestions.
Someone is always lying is wait to trick or take advantage of seniors, and this is one way to greatly avoid that possibility.
The reverse mortgage was originally invented to help seniors with financial issues. Without any other type of savings the homeowner can access the equity to solve money issues.
Each financial situation requiring remedy is unique. As such the reverse mortgage does not always fit well as a solution.
The reverse mortgage is profitable to a lender only when a borrower decides on getting a reverse mortgage. No return is made by talking the senior out of borrowing. The door is open to unscrupulous people.
Now, I'm a loan officer, and I have respect for most in my business. Most of us will tell you the absolute truth and give a fair assessment based upon the facts at hand.
However, a certain contingent exists in the mortgage industry, as it does in any industry, comprised of unethical individuals willing to lie, cheat and steal to do a deal.
Previously I worked as a salesman in the office machine industry. My employer had a sales motto: Do what you gotta do. And they weren't kidding! Try anything you can to get someone to bite.
Some people in the reverse mortgage business feel that way too, but take heart. You may not see them coming, but they wont be your only advisor.
The law requires borrowers to counsel with a neutral, third-party, HUD approved reverse mortgage counselor prior to moving forward with the process of a reverse mortgage.
This gives would-be borrowers neutral educated reverse mortgage advice, who may be talked into a reverse mortgage, when they could better solve their monetary crisis in some better way. The counselor should be able to filter through any questionable items and give suggestions.
Someone is always lying is wait to trick or take advantage of seniors, and this is one way to greatly avoid that possibility.
About the Author:
Make sure you get a comprehensive guide to the California reverse mortgage make it over to this website. Additional info, go the California reverse mortgage fact sheet.
posted by Credit Counseling at
8:50 PM
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