Considering a Reverse Mortgage? Here is what to look for:

It has been interesting to see how many mortgage companies are getting involved with the reverse mortgage industry. Obviously, it is another product at their fingertips which they may benefit from . . . another source of income. By all means, if they have the proper certifications and can do so legally, they have the right to be able to offer this great product. But this is what scares me:

1) Ethical Standards: The mortgage industry as a whole has had some “bad apples.” The unscrupulous lending practices that many companies have allowed leave honest, hardworking customers financially messed up. I hope that we are able to maintain the checks and balances in place within the industry so as not to take advantage of seniors.

2) Customer Service: Everybody says they have good customer service, but very few actually “walk-the-talk.” The reverse mortgage industry needs to maintain high standards of service so seniors continue to feel confident in the product. A bad experience with a reverse mortgage company can leave yet another burden on the shoulders of a senior.

3) Knowledge: We are in the midst of massive changes in the reverse mortgage industry. So far it has all been very positive for seniors. But the reality is, if it is not one’s specialty, they ought not to be selling the product. Vagueness of knowledge can lead to disappointment and frustration on behalf of the senior.

These are just a few of the issues that concern me about so many people getting into the reverse mortgage industry. I encourage you to read the attachment (why-senior-life-solutions.pdf) that I have placed on this blog entry. It will provide you with information that you need to consider when working with a reverse mortgage company. Senior Life Solutions are Specialists! Reverse Mortgages are all we do! If I can be of any assistance, please shoot me an email at gag@seniorlifesolutions.net or call me at 360-944-9002.

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