Reverse Mortgage Near Me
After over eleven years as a Mortgage Lender, I’ve done a lot of transactions. I’ve helped clients with mortgages as far away as Maine and Florida on the East Coast to Oregon and California on the West Coast. But the majority of my clients live right here in Utah. This broad spectrum of clientele has given me a specific opinion on the power of working with people on their Reverse Mortgage near me and my office.
Long Distance vs Local
When it comes to refinancing Forward Mortgages such as VA, FHA, Conventional, or Jumbo loans, working long distance is fine. Many things can be done digitally in today’s world and a face-to-face meeting is seldom needed. But I’ve also come to believe that when purchasing a new home with a conventional mortgage it can be very helpful to personally get to know your Mortgage Professional.
Likewise, any time you’re doing a HECM for Purchase or Reverse Mortgage Refinance it is vitally important to work with someone a little closer to home. Your search should begin with a simple google entry of “Reverse Mortgage Near Me”. This will give you a list of the top Reverse Mortgage professionals in your area. Most of my Reverse Mortgage clients in St. George, Cedar City, and other areas in Southern Utah really appreciate the one-on-one experience they get when we meet in my office or at their kitchen table.
Doing a Reverse Mortgage can be a little scary so it’s important to get a personal feel for your Reverse Mortgage specialist. To determine if he/she has your best interests at heart. Likewise, technology isn’t always the easiest and safest form for transferring sensitive information and documentation. By working with a Local Reverse Mortgage Lender it becomes a lot more convenient and easy to provide the necessary documentation and complete your loan process.
Local is Generally Better
As a professional, I prefer to help clients near me and my office because it allows me to provide greater care and attention which ultimately results in a much better experience but whether near or far my clients are always important to me and our team strives to deliver an exceptional experience to everyone we serve.
Also, if you’re shopping for a Reverse Mortgage lender it’s important to know the various structures of lending institutions. For simplicity there are three basic mortgage company structures, they are Mortgage Banks, Correspondent Mortgage Lenders, and Mortgage Brokers. These are the differences:
- Mortgage Banks: A mortgage bank is an organization that underwrites and funds mortgages with its own money and typically retains its own servicing. Examples of these are Wells Fargo, Bank of America, or State bank of Southern Utah.
- Correspondent Mortgage Lenders: These types of lenders underwrite and fund their own mortgages but immediately sell the mortgage to a larger bank. Examples of these lenders include companies like Academy Mortgage, First colony Mortgage, Citywide Home Loans, and Cherry Creek Mortgage.
- Mortgage Broker: A mortgage broker is a company that lends through multiple banks so underwriting and funding are handled by the banks they partner with.
Heritage Reverse Mortgage
Heritage Reverse Mortgage is a Mortgage Broker and we currently lend through eight different banks. This comparison is not meant to be disparaging in any way. There are wonderful professionals at every company and under every business structure. In my career, I’ve worked at Mortgage Banks, Correspondent Mortgage Lenders, and Mortgage brokerages. I chose to set Heritage Reverse Mortgage up as a Mortgage brokerage for many reasons. The primary of which are:
- Mortgage Brokers typically have more flexible terms. Because we’re not tied down to one set of guidelines and pricing we’re able to seek out the terms and pricing from multiple banks to get the best possible deal for our clients.
- As a broker, we’re compensated by the bank which typically means our fees are much less than our counterparts in the industry.
- Experience is another primary factor. Professionals working under the mortgage broker model typically have more experience and a longer time in the industry.
After considering all the differences, the most important factor in choosing your Reverse Mortgage Professional is to make sure you work with someone who seems to know their industry and makes it clear you are their top priority.
If you or someone you love is considering a Reverse Mortgage, start with a quick google search of “Reverse Mortgage Near Me”, then give us a call and let us make your experience a positive one.
President – Reverse Mortgage Specialist
Heritage Reverse Mortgage
Heritage NMLS #1497455 Trevor?s NMLS #: 267962
1060 South Main Street Bldg. B Suite 301B
St George Utah 84770