Web site provides list of reputable lenders
DEAR BOB: My parents are avid readers of your articles and have become quite the experts on reverse mortgages for senior citizens. But they live in a small town that has one bank, owned and run by an “old geezer” who has been there for 100 years. At least he seems that old. I know he charges high interest rates but he is so charming that most of the “locals” don’t bother to go to the nearest city about 50 miles away to compare loan terms. Where is the best place for my parents to get a reverse mortgage? Are reverse mortgages available at small-town banks? –Marsha W.
DEAR MARSHA: Yes, reverse mortgages are available everywhere, even in small towns. However, there are minimum property standards.
Purchase Bob Bruss reports online.
Perhaps you remember the angry West Virginia homeowner whose reverse-mortgage application was rejected because her only drinking water source is a cistern (for some reason she didn’t want to drill a well). Frankly, I don’t blame the reverse-mortgage lender for rejecting that loan.
Your parents will discover most banks do not originate reverse mortgages for senior citizens. But a major exception is Wells Fargo Bank.
The easiest place to find reputable reverse-mortgage lenders for your parents in their area is at www.reversemortgage.org. They should consider the FHA (HECM), Fannie Mae and Financial Freedom Plan reverse mortgages.
More details are in my special report, “The Whole Truth About Reverse Mortgages for Senior Citizen Homeowners,” available for $5 from Robert Bruss, 251 Park Road, Burlingame, CA 94010 or by credit card at 1-800-736-1736 or instant delivery at www.BobBruss.com.
Found here.
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