Choosing a Reverse Mortgage Lender – Some Tips for Success

Posted by Nicolle Dupont Reverse Mortgage Specialist on May 26th, 2021

Have you decided to get a reverse mortgage? A reverse mortgage is a viable choice for seniors strapped for cash. It allows you to borrow the equity you have built from your home. If you hold a title to a home and you are close to paying it off, you can take advantage of a reverse mortgage. As long as you don’t plan on moving elsewhere anytime soon, it can be a cost-effective option.

Seniors over the age of 55 are eligible. If you have a spouse, it’s also good to wait until your spouse turns 55 to ensure that he or she can also benefit from the reverse mortgage. In case the principal borrower needs to move due to health reasons or passes away, the spouse can still live in the property and continue receiving money through the reverse mortgage in the line of credit.

When it comes to choosing the best reverse mortgage lender, here are a few tips that will help you stay in the right direction:

1. Consider the loan type.

There are different loan types available. When choosing the best mortgage provider, make sure you know what loan type you will get. Understand the difference of loan types to know which one is more suitable for your needs. Choose a mortgage provider that can help you get that type of loan.

2. Compare mortgage rates in Vancouver.

Check their Mortgage Rates in Vancouver and do a side-by-side comparison. You can narrow down your search to three mortgage providers and then compare what they have to offer. Aside from the mortgage rates, also make sure you know what services are included and how these services differ from the others.

You can get the help of Nicolle Dupont to find the most reasonable mortgage rates in Vancouver that you can afford.

3. Consider the fees involved.

Understand what extra fees are involved in getting a reverse mortgage. You will have to pay upfront costs such as appraisal fees and closing costs. You will also have to pay for the origination fees.

Aside from the mortgage rates in Vancouver, you will also pay ongoing fees such as the insurance and servicing fee. Once you understand just how much you really need to pay off, it’s much easier to determine which lender is the best option.

4. Consider their customer service.

When choosing a reverse mortgage lender, make sure the institution has good customer service. Check their reviews and see if their borrowers are happy with the services that they get. Always go for lenders that follow a code of ethics to ensure that they will treat your well.

A mortgage broker can help connect you to the best lenders that will suit your needs.

Kyle Mayers is the author of this article. For more details about Reverse Mortgages BC please visit our website: reversemortgagesinbc.com