With fewer large lenders currently offering reverse mortgages and smaller lenders comprising the majority of options today, shopping around for a reverse mortgage may be a good idea, a Dallas Morning News article recommends.
Recapping the elements of a reverse mortgage, the article notes that a reverse mortgage loan can be a viable option for someone of the right age and home equity level, but they’re not for everyone.
And because there are fewer big name lenders, the article says, borrowers may want to shop around.
Some big names, such as Bank of America Home Loans, Wells Fargo Home Mortgage and MetLife Bank, are no longer offering reverse mortgages, which means you may be dealing with smaller, less familiar lenders.
That doesn’t mean they’re not legitimate, but it does require you to shop around and learn about the companies and their products.
“We tell them: Make sure you’re shopping around for the servicer or lender you’re most comfortable with, one that has easy access and is open to your questions,” said Tawnya Walters, director of housing counseling at Consumer Credit Counseling Service of Greater Dallas.
View the original article.
Written by Elizabeth Ecker
