A Reverse Mortgage: What Questions to Ask

Posted by Charles D

May 3, 2009

Reverse Mortgage Questions

Which is the right place to get information about reverse mortgages for seniors? Moreover, would a reverse mortgage work for us?

“The information provided by you is not enough to give a complete solution. But, I have directed your question to Cyndi Stephenson who manages HomeFirst Mortgage Corp, a mortgage brokerage firm in Alexandria” says Lew Sichelman.

Stephenson would ask you many questions relating to the property. The reverse mortgage specialist also would ask a question she says keeps her awake at night and that is: Do you have long-term-care insurance?

“I do not worry at all about those who plan to live in the home until they pass away, that is exactly what this product is designed to support,” says Stephenson. She also mentions that she is concerned about those people who take a reverse mortgage, are able to live in it only for a short period due to illness and soon move into assisted facilities. This happens mostly with singles.

After looking into all these aspects, it is sure that Stephenson has studied in depth the reverse mortgages even before she entered into the field. She has a site for reverse mortgages: www.homefirstmortage.com/reverse

“When properly applied a reverse mortgage can serve to preserve, protect and, quite possibly, enhance a senior’s estate,” says Stephenson. However, she comments saying reverse mortgages are not the right choice for senior homeowners.

Do you have any information on who to contact in Southern California for more information about reverse mortgages?

I do not find a particular lender to recommend. However, it would be better to have a look at the website of National Reverse Mortgage Lenders Association, which contains detailed information on reverse mortgage. Apart from NRMLA, you can look at these Federal Housing Administration sites AARP, Uncle Sam and Federal Trade Commission. Full Story…