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Selecting a Reverse Mortgage Lender

You also want a loan officer who respects your knowledge and preferences and helps you reach your own decisions. You don't want to feel pressured by a loan officer, And you don't want a loan officer who is clearly more concerned about selling you a loan than meeting your needs.

Loan Servicing

At loan closing, most lenders transfer their loans to another office or company that specializes in servicing the loan. Ask each lender you are considering, "Who will service my loan after it closes?" and request a sample of the account statements the servicer would send you.

Make certain you fully understand all the information on these statements. In particular, if you are considering a HECM creditline, find out how the servicer would keep you informed about the growing amount of cash that a HECM creditline provides.

Professional Commitment

A commitment to meeting consumer needs can be seen in a lender's professional relationships and consumer information. For example, members of the National Reverse Mortgage Lenders Association (NRMLA) have developed "best practices" for their industry. If you don't want to be contacted by a NRMLA lender, however, be sure to state that preference if you request any NRMLA publications.

Lenders committed to the highest standard of consumer information can provide loan analyses and comparisons that meet AARP's model specifications. The only computer software currently meeting this standard is the Reverse Mortgage Analyzer by Financial Freedom Senior Funding Corporation, and two programs by Ibis Software: the Reverse Mortgage Originator (RMO) and the Reverse Mortgage Analyst (RMA). Lenders currently using RMO are listed on the Ibis  Web site. The printout with the key side-by-side comparisons is called the "Reverse Mortgage Performance" report in the Financial Freedom software, and the "Reverse Mortgage Comparisons" report in the Ibis RMO and RMA software. Be sure to ask for these specific printouts, especially if you are considering a proprietary loan. 

AARP does not endorse any reverse mortgage lender or product.

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