Should you call a Bank or Credit Union for a Reverse Mortgage?
Well let me ask you this, would you call a Foot Doctor to Remove a Brain Tumor?
It’s a silly question right? And I think it’s easy to answer because of the seriousness of the issue. But every day we make foolish decisions like this one on less serious issues. For example, yesterday I met a man who visited multiple Banks and Credit Unions for Reverse Mortgage info. Each meeting left him feeling more and more nervous. The Loan Officers he talked with said “yes, we can do reverse mortgages but we don’t do a lot of them.” Doesn’t that sound similar to a Doctor saying, “sure, I know about Brain Surgery, I don’t do a lot of them but we should be able to help you.”
Now I know mortgage lending isn’t comparable to brain surgery. But when comparing a Reverse Mortgage to a Conventional Mortgage, there is a lot of complexity that requires advanced training and experience.
My client felt uneasy talking to these other lenders because like you, his home is his largest asset. If he wants to enter retirement this year he needs to protect everything he’s been building throughout his career. Working with a Bank or Credit Union for a Reverse Mortgage is risky if they don’t have the right expertise.
Don’t get me wrong, I love Credit Unions. I bank at Mountain America Credit Union and America First Credit Union which are two of Utah’s largest Credit Unions. For deposits, car loans, credit cards, savings/checking they are wonderful. But Reverse Mortgages are not their focus so you may want to reconsider before just hoping for the best.
Set your Reverse Mortgage up Right
Since I became a Reverse Mortgage Specialist, I’ve had dozens of conversations with people trying to “Fix” their Reverse Mortgage. They used their bank, Credit Union or previous Loan Officer and it turns out that person didn’t really understand the loan and didn’t set it up properly. They come to me in frustration wanting to know the truth about their loan and how to use it. Don’t put yourself in this situation, do your Reverse Mortgage right the first time.
If you’re searching for information on how a Reverse Mortgage could improve your life don’t just go to your Bank or Credit Union for a Reverse Mortgage. They likely don’t do many of these or will refer you to a centralized employee who has no long-term interest in you.
If you’re hoping a Reverse Mortgage could change your life in retirement talk to a Reverse Mortgage Specialist. Someone who genuinely cares about you and wants you to love your new Reverse Mortgage.
President – Reverse Mortgage Specialist
Heritage Reverse Mortgage
Heritage NMLS #1497455 Trevor’s NMLS #: 267962
1060 South Main Street Bldg. A Suite 101B
St George Utah 84770