Protect Your Privacy
We value our customers’ privacy and are dedicated to preserving it. To protect you, Mid-Continent Funding, Inc. has put together a list of items we feel are important to consider when choosing a reverse mortgage lender.
How to Protect Your Privacy with a Reverse Mortgage Lender
The Home Equity Conversion Mortgage, or federally-insured reverse mortgage has numerous built in safeguards to ensure you cannot be taken advantage of. The fees are mandated by the federal government to make certain there are no “junk” fees and that you are not overcharged by the person originating your loan. Though you are protected, it is important to choose your reverse mortgage lender carefully. At Mid-Continent Funding, Inc. we know how important privacy is, and protect the information you provide for your security.
What to Consider When Choosing a Lender
Respect Your Instincts
Get All Your Questions Answered
Your reverse mortgage lender should be working for you. This means they should be able to answer your questions directly and completely. If the reverse mortgage lender with whom you are working is vague or continually avoids your questions, you may wish to proceed with someone else. There are circumstances where your reverse mortgage lender may not immediately know the answer to your question but this should be made apparent.
Question Cross-Selling Opportunities
Some reverse mortgage lenders may try and push you into purchasing insurance or annuities with your reverse mortgage proceeds. In most cases, these are not beneficial ways to use your money. Though how you spend your proceeds is up to you, it is illegal to bundle such products in a reverse mortgage transaction.
Counseling Is Important
If your reverse mortgage lender tells you that counseling is unimportant, this could be a red flag. Counseling is an opportunity to work with a third party to ensure that you understand all the features of this unique product. Though counselors do not always know the ins and outs of individual reverse mortgage lenders, they are wonderful for answering questions about the product itself.
Review All Paperwork
Make certain that all paperwork your reverse mortgage lender gives to you is complete and accurate. Though you may receive paperwork that is not legally binding, it is still important to notify your agent of any inconsistencies that you come across in order to make certain that everything is properly processed.