Retirement News for Senior Citizens
Retirement News for Seniors
New Reverse Mortgage Tools Help Seniors Understand Them Better
For those considering a loan or those who already have them
Feb. 8, 2017 – Senior citizens considering a reverse mortgage and those who already have them now have new tools from the National Reverse Mortgage Lenders Association to help them better understand these unique loans.
The free guides, posted to NRMLA's consumer education website, reversemortgage.org, explain the benefits and responsibilities of this type of home equity loan used by more than a million homeowners to age in place, according to NRMLA.
"Part of our mission as an association is to educate consumers about the pros and cons of a reverse mortgage by being transparent about how the loan works," said NRMLA President and CEO, Peter Bell.
"The new consumer guides are another way to provide reverse mortgage borrowers with information about loan terms, guidance for working with the lender after the loan is closed, and the process for repaying the loan when it comes due."
"We consulted professionals from all areas of the industry to ensure the information we are sharing is clear, comprehensive, and responsive to the most common questions posed by borrowers and their families. We hope to see a broad adoption of the guides by policy makers, consumer advocates, and other professionals whose clients can benefit from learning more about reverse mortgage loans," said Bell.
The three titles along with brief descriptions and download links are included below.
The National Reverse Mortgage Lenders Association's free "Reverse Mortgage Self-Evaluation" poses seven questions interested consumers should ask themselves, as well as important considerations to think about, before proceeding with a loan application.
The National Reverse Mortgage Lenders Association created, "What You Need to Know About Your HECM After Closing" to answer questions reverse mortgage loan borrowers, and their heirs, may have about their FHA-insured Home Equity Conversion Mortgage, commonly referred to as a reverse mortgage loan. This free guide explains the important role of the loan servicer and the rules, guidelines, and timelines that apply to the loan.
The National Reverse Mortgage Lenders Association created, "What Do I Do When My Loan is Due?," a free brochure to walk reverse mortgage loan borrowers and their families through the end of the loan process when it is time for the loan to be repaid.
About the National Reverse Mortgage Lenders