How do I choose the best reverse mortgage lender?

The best reverse mortgage lenders are knowledgeable, timely, and hold membership in the National Reverse Mortgage Lenders Association (NRMLA). Top reverse mortgage lenders sincerely follow the values of the NRMLA Code of Ethics and create trust among their clients through diligence and professional honesty in all matters.

Some reverse mortgage lenders may pressure you to purchase other financial products, like an annuity or long-term care insurance. Remember: many of these products are not required to qualify for a reverse mortgage. If a reverse mortgage lender is applying a lot of sales pressure, or placing his sales pitch over listening to your individual concerns, he or she is probably not the best.

Most reverse mortgage lenders handle HECM reverse mortgages. A “HUD reverse mortgage lender” or “FHA reverse mortgage lender” is simply any reverse mortgage lender who is certified to handle those government-insured HECM loans.

A “Jumbo reverse mortgage lender” offers proprietary reverse mortgages, or Jumbo reverse mortgages. These loans offered by financial institutions enable owners of high value homes to access more of the home equity than is typically available from HECM reverse mortgages.

The most important part of a reverse mortgage lender search is that you and your family are informed and comfortable with a reverse mortgage program.

Read testimonials from David Chee’s past clients.

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