If your have decided to apply for a reverse mortgage on your home, you are properly, like millions of senior citizens, facing retirement with far less financial security than you had anticipated. Of so, the last thing you want to do is have your reverse mortgage financed by a less-than-scrupulous company.
It’s a sad reality that reverse mortgage scams abound, and that it’s not unheard of for reverse mortgage companies to charge people in the market for reverse mortgages exorbitantly high application fees, and then tell them they have failed to qualify for a loan.
If you’re dealing with reverse mortgage company which demand what seems to be a high percentage of the prospective reverse mortgage amount–say, between five and ten percent–just to begin the application process, don’t do another thing until you have checked their records with the National Reverse Mortgage Lenders Association, which lists its approved reverse mortgage companies by state. You might also find free information on reverse mortgage companies at the HUD–Department of Housing and Urban Development—website.