The reverse mortgage option offers a source of income or an income supplement for individuals age 62 years or older. The best sources for reverse mortgage information in the US are federally backed agencies such as the US Department of Housing and Urban Development (HUD) or nationally endorsed agencies in other areas. When comparing reverse mortgages, it is best to gather as many legitimate proposals as possible. Comparing the reverse mortgage option with other income support options is also important when exploring retirement income strategies.
Federally backed agencies such as HUD can provide lists of legitimate reverse mortgage lenders. These agencies also have general information about the process of reverse mortgages as well as tips on preventing fraud or scams when searching for reverse mortgage opportunities. Some government agencies offer housing counseling to be sure the senior citizen is aware of the process.
It is important for those seeking reverse mortgage information to use legitimate lending companies. It is also very beneficial for individuals seeking this type of loan to be aware of any relevant laws in their state. Though laws may have similarities across the board, there will be variations from state to state, such as age requirements and how funds are dispersed. Before signing any contracts, a person should seek the advice of a real estate lawyer to be sure that the terms of the contract are understood.
Another great source of reverse mortgage information is a consumer affairs agency. This type of agency can be helpful in avoiding potential fraudulent companies or scams. These agencies typically provide a watch list or a list of fraudulent companies to avoid when searching for the best reverse mortgage information. Consumer affairs agencies do not sell reverse mortgages, so they offer unbiased information to educate the public about the process. A consumer affairs agency can also provide literature and resources that can suggest the best reverse mortgage for each situation.
A financial adviser or financial counselor can help compare legitimate reverse mortgage information with other types of retirement income or supplemental income. Having a wide variety of choices can help a person make an informed decision. A senior citizen looking for information on reverse mortgages may want to beware of loan companies who appear to be making a pressure sales pitch. It is also suggested to steer clear of any company that urges individuals to make decisions quickly. A reverse mortgage is an important decision and one that should be researched completely before finalizing.