• Reverse Mortgage Home
• Questions You Should Think About
• Reverse Mortgage Myths
• The Reverse Mortgage Purchase
• What’s Different for Reverse Mortgages?
• How Does a Reverse Mortgage Work?
• Reverse Mortgage Ins and Outs
• Top 10 Questions To Ask
• Are Reverse Mortgages Safe?
• Calculating a Reverse Mortgage
• Pros and Cons of Reverse Mortgages
• HECM vs Other Products
• HELOC vs HECM Comparision
• Reverse Mortgage Leads
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Top 10 Questions To Ask a Reverse Mortgage Lender

1) Is My Home Secure?

If you outlive a reverse mortgage loan, your lender cannot take away your home.

What’s more, the federal government guarantees that the loan need not be repaid so long as you or another borrower continues to live in the home and keep current on taxes and insurance. Since you’ll never owe more than your home’s value, you also don’t have to worry about being under water with a reverse mortgage.

2) Will I Still Have an Estate to Leave to My Heirs?

Since your home’s appreciation nearly always covers the interest on the loan, the answer is yes. Additionally, since you can only borrow a portion of the home’s equity, heirs and descendants will likely have money left over after the loan is repaid. However, be aware that associated fees and interest can eat up your estate, so it’s important to be aware of exactly what costs you’ll pay in order to receive this loan.

3) How Much Money Will a Lender Give Me for My Home?

Loan amounts are calculated based upon the borrower’s age, the value of his or her home, and the interest rate, with a standard maximum of $417,000. However, in accordance with the Economic Stimulus Act of 2008, conforming loan limits in certain high-cost areas have been raised on a temporary basis. Limits are now as high as $729,750 for loans originated on single-unit homes between July 1, 2007 and December 31, 2008.

4) What is the National Reverse Mortgage Lenders Association?

The NRMLA is an information clearinghouse, policy advocate and public affairs center for reverse mortgage lenders and other related professionals.

5) How Can NRMLA Help Me?

The association operates a consumer website where you can get relevant information and find a reputable lender.

6) How Do Lenders and Government Work Together to Enforce Loan Regulation?

NRMLA maintains a database of references and publication designed to answer questions of regulation. The Mortgage Bankers Association is also working on guidelines for best practices in the industry.

7) How Do I Know I Can Trust My Lender?

Finding a reputable mortgage lender requires research. Start with the NRMLA consumer database of approved mortgage lenders, then contact lenders and interview each thoroughly. Also remember to ask for professional references, and look up online reviews to get a subjective opinion.

What Websites Help Me Find and Compare Lenders?

In addition to the NRMLA database, there are a host of online resources that allow you to find and compare reverse mortgage lenders. These include:

• • 1) HUD: http://www.hud.gov/ll/code/llslcrit.cfm

• • 2) Reverse Mortgage Lenders Organization: http://www.reversemortgagelenders.org/default.htm

• • 3) Reverse Mortgage Page: http://www.reversemortgagepage.com/

• • 4) LendingTree: http://www.lendingtree.com/smartborrower

• • 5) Reverse Mortgage Information: http://www.reverse-mortgage-information.org/

• • 6) eHomeMortgages: http://www.ehomemortgages.com/reverse-mortgage/

• • 7) MortgageLoan.com: http://www.mortgageloan.com/reverse-mortgage

• • Lender411: http://www.lender411.com/?gid=reverse-mortgage

• • 9) Reverse Mortgage Nation: http://www.reversemortgagenation.com/

• • 10) Mortgage 101: http://www.mortgage101.com/

9) Who Are The Top 10 Lenders?

This is a list of the top 10 reverse mortgage lenders through March 2009, according to Reverse Mortgage Daily:

1) Wells Fargo

2) Bank of America

3) Financial Freedom Senior Funding

4) One Reverse Mortgage

5) Metlife Bank

6) World Alliance Financial Corp

7) Generation Mortgage Company

Urban Financial Group

9) Money House Inc

10) 1^st AAA Reverse Mortgage Inc

10) Am I Making the Right Choice?

Even if you’ve already decided that a reverse mortgage is a good idea for you, it’s important to reality-check this choice with your lender. A reputable lender will honestly tell you if a given loan product makes sense in your individual situation.