What to Know Before You Borrow

When you are evaluating your reverse mortgage options, there’s always the chance a disreputable reverse mortgage lender could take advantage of a borrower. You and your loved ones should:

Look out for scams
Be leery of any person attempting to sell an annuity using reverse mortgage proceeds or suggesting a younger spouse, under age 62, be removed from the title of the home in order to qualify.

Work with a reputable lender
The Loan Tree is celebrating its 30^th anniversary and maintains an A+ rating with the Better Business Bureau.  We also insure our Reverse Mortgage Specialists receive comprehensive reverse mortgage training.

Take advantage of the process
Reverse mortgage counseling is required prior to applying and is provided by a HUD-approved counseling agency. This simple step can be completed over the telephone and is another opportunity to ensure everyone understands how a reverse mortgage works. Some counseling agencies may charge a fee for this service.
Involve trusted advisors in your decision.

Family, friends and professional advisors can provide outside counsel if you are unsure whether a reverse mortgage makes sense. The lender selected should welcome the participation of family or trusted friends in the process, if that’s what you wish, and encourage everyone to ask as many questions as possible.

Read on to learn more about this unique loan type, and visit our frequently asked questions for even more helpful information.