As retirement approaches, people should start to plan for the life they aspire to live afterwards. Surely, they have worked hard all their life and now is finally the time to relax. For this, a steady stream of cash flow is required. You can use the social security benefits, start withdrawing from your retirement fund and use the HECM loans that are secure against your property in which you are living. In order to get an HECM loan, a good, reputable and trustworthy HECM lender must be searched for. Here are three tips that will help you find the best HECM lender in town.
Check the Better Business Bureau (BBB) Ranking
The BBB assigns rating to the companies based on the standards and best practices followed within the business. It also takes into account any complaints filed by the customers. So, in short, the higher the ranking of the company, the better it would be to avail loan from that HECM lender.
Exclude Those HECM Lenders from Your List That Are Not Members of the NRMLA
National Reverse Mortgage Lenders Association (NRMLA) is a not-for-profit trade group that has a certain code of ethics that every member has to adhere to. If an HECM lender is not a member of NRMLA, then there must be something fishy about them. This is why you should stay away from those lenders.
FHA Approval Says It All
All the reverse mortgages are licensed by FHA and are approved to do business and sell reverse mortgages to elderly people. This is why you should refrain from borrowing from lenders that are not approved by FHA. We repeat, DO NOT BUY REVERSE MORTGAGE FROM LENDERS THAT ARE NOT APPROVED BY FHA.
Longbridge financial is a reverse mortgage or HECM lender that specializes in reverse mortgages and is approved by the Federal Housing Administration (FHA). It operates in 46 states and is committed to providing financial peace of mind to the elder generation.
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