The audacity of some claims by businesses and sales people never ceases to amaze me.
A great example would be the sudden influx of "Reverse Mortgage Specialists" in the mortgage world.
What's so outrageous about that?
Well, until the credit crisis that began last year that has crushed some of the biggest mortgage lenders in the world came along, most of these "specialists" wouldn't even touch a reverse mortgage because they weren't profitable enough.
But guess what happened? When banks and wallstreet started to identify their problems they came to realize that very often the mortgage BROKER was the source of their inappropriate loans --- so virtually all of them have stopped lending through BROKERS.
That meant that BROKERS had to find a new source of money to lend which led them quickly to the quazi-government lenders like Fannie-Mae and reverse mortgages.
And so was born the new "Reverse Mortgage Specialist"! Ta Da!
Hey, reverse mortgages are the safest most consumer friendly loan any senior can get, but their not for everyone and since all a BROKER has to sell is a mortgage you don't want to get your borrowing advice from them.
After all, "for the man who's only tool is a hammer every problem looks like a nail".
In other words if that's all he's got to sell then "that's what you need".
Be smart. Get advice from someone who has access to all the tools and can be objective about what's right for you, see a full service mortgage BANKER.
And if the borrower is a senior be sure to see a mortgage banker who has extensive experience in working with reverse mortgages because most don't --- and their not like conventional mortgages. If the bank you deal with is not experienced, don't let them "train" on you, it's too important.
I don't do reverse mortgages personally, but I work with some of the best and I'd be happy to let you know if the person or group your working with is truly competent, just drop me an email (don@bizec.rr.com).
Remember, whenever you do business that involves your home or security keep your eyes open and be sure to get a second opinion, there are several aspects that can really help or hurt you if you're not informed.
Wilmington North Carolina is a great place to live especially if you're retired, don't let anything mess that up for you.
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