Seniors Get HUD Counseling to Ward off the Wolves
From a dollars and sense perspective, built up home equity is the results of years of making payments and from the natural appreciation of the home market.
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.
The reverse mortgage is not without its shortcomings and is not the proper tool for all situations.
As a possible conflict of interest, it is marketed by people just like me, who make money only when they get a senior borrower a reverse mortgage; they don't make money by talking the senior out of it.
I am a lender, and I have a high opinion of most in my field. Nearly all loan officers will give a just evaluation, and handle opinions in a measured honest manner.
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.
In the copier business, where I worked in the past, my company had a saying for sales people to remember: Get it done by any means possible. They were serious about it too. Do anything possible to get that money.
A few people in the business of reverse mortgages feel selfishly too, but have faith. You may not see the bad guys coming, but you will have a backup consultant to spot them for you.
Federal law requires serious parties to have a counseling session with a neutral counselor of reverse mortgages, approved by HUD, before continuing with the transaction.
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.
There always seems to be some scam or bilking of seniors going on. This is one way to reduce the casualties in the reverse mortgage business.
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.
The reverse mortgage is not without its shortcomings and is not the proper tool for all situations.
As a possible conflict of interest, it is marketed by people just like me, who make money only when they get a senior borrower a reverse mortgage; they don't make money by talking the senior out of it.
I am a lender, and I have a high opinion of most in my field. Nearly all loan officers will give a just evaluation, and handle opinions in a measured honest manner.
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.
In the copier business, where I worked in the past, my company had a saying for sales people to remember: Get it done by any means possible. They were serious about it too. Do anything possible to get that money.
A few people in the business of reverse mortgages feel selfishly too, but have faith. You may not see the bad guys coming, but you will have a backup consultant to spot them for you.
Federal law requires serious parties to have a counseling session with a neutral counselor of reverse mortgages, approved by HUD, before continuing with the transaction.
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.
There always seems to be some scam or bilking of seniors going on. This is one way to reduce the casualties in the reverse mortgage business.
About the Author:
Get comprehensive guide to the California reverse mortgage make it over to this website. For all the skinny, go the California reverse mortgage fact sheet.
posted by Credit Counseling at
8:36 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home