If you start by asking your friendly banker, you may or may not get your direction. Many banks do not offer reverse mortgages and do not have the interest in knowing, if they do not provide the product. Some, however, either do HECM reverse mortgages, within their own bank or know where to guide you to find them.
Online Sources Can Help You Find A HECM Reverse Mortgage Lender
In general, if you visit AARP or NRMLA websites, there will be several options to choose from. Keep in mind, you should have the option to choose a face to face consultation, if you choose. Otherwise, your questions and application can be done via phone and mail.
Reverse Mortgage Counseling
The HECM reverse mortgage cannot be obtained until you have received counseling from a HUD agency. The counselors are not involved in your transaction and they cannot steer you to a lender. However, they could be very helpful in understanding what to look for and understanding your options.
HUD Website
Another guideline in finding a HECM reverse mortgage lender, would be the HUD website, as well. There are answers to questions about the program and directions to lenders of the reverse mortgage. If you have no access to search the internet, you may elect to phone or visit a HUD agency near you to get information and contact numbers for your search.
Other Sources
If one has a financial advisor, tax accountant, realtor, pastor, insurance agent, aging services representative, or a financial partner that has been educated on the reverse mortgage product, they may be a source, as well.
Most lenders of reverse mortgages will be more than happy to discuss and consult you in your process of consideration. And because your application is not valid until you have had a session with a HUD agency, who is separate from the transaction, you will be well informed, before going forward with your HECM reverse mortgage application.
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