How to Choose A Reverse Mortgage Lender

Tip #1:  Work with a specialist.

There exist very few similarities between a conventional (forward) mortgage and a reverse mortgage.  Deciding if a reverse mortgage is right for you is an important decision demanding much research and professional counseling.  Your Reverse Mortgage Lender should be uniquely qualified and expert in the entire process from application to funding.

Inquire as to the percentage of their business is the reverse mortgage program.  Just because a Loan Officer can originate a HECM loan doesn’t necessarily indicate that they are uniquely qualified to do so.

Finally, if you feel pressured by the Loan Officer to make quick decisions, advise him or her that you would like to get a second opinion before committing to their services.  Involve a family member or friend in the decision and don’t hesitate to call another lender to ask their opinion.

Always work with a company that exclusively originates reverse mortgages.

New Mexico Reverse Mortgage is the best Reverse Mortgage lender in the State!  We exclusively originate reverse mortgages and stay on top of the ever-changing rules and regulations of this program.

Tip #2: Work with a lender that is committed to you and the industry.

Is your lender a member of the National Reverse Mortgage Lender’s Association (NRMLA)?

Use the search tool below to locate lenders in your state (specifically the state in which the property is located). All lenders are members of the National Reverse Mortgage Lenders Association, licensed to originate reverse mortgages in the states in which they are listed and have signed NRMLA’s Code of Conduct and Professional Responsibility.

NRMLA Members must adhere to a strict Code of Ethics & Professional Responsibility that requires the highest ethical treatment of reverse mortgage customers before, during, and after they receive their loans.  They have taken an oath to reverse mortgage borrowers and to represent the industry positively.  This Pledge makes 19 different promises to borrowers that will allow borrowers to have a safe and deliberate reverse mortgage experience. 

Tip #3: Find a Loan Officer that is willing to help and advise you (or your heirs) after the loan closes.

Your Loan Officer won’t have access to your new reverse mortgage account after the loan closes.  However, your “LO” should still be considered as an excellent reference for questions you or your estate may have later on.

Can you talk to your Loan Officer after the loan closes?

Often times, the LO is not allowed to speak to a senior after the loan closes.  Also if you work with one of the national telemarketing “call centers” to originate your reverse mortgage, you may find the turnover rate of their employees to be higher.

Tip #4:  Check personal references or testimonials.

The testimony of others who have been through the reverse mortgage process can be invaluable in making an informed decision.  What did others say about their experience?  Were they comfortable and confident with their lender throughout the process?  Who do they recommend as an ethical and competent reverse mortgage lender?  You can also check the Nationwide Mortgage Licensing System (or NMLS) by typing the company or loan officer’s name to find out if there are any Regulatory Actions that have been taken against them.  New Mexico Reverse Mortgage loan officers have passed National and State exams, maintain Continuing Education hours and have been processed through FBI Background checks.

What do past clients have to say?

A referral from a past client or business professional is also often the strongest testimonial.