After first hearing about a reverse mortgage on TV, from print media, or through word-of-mouth, most people turn to the internet for more information. A typical Google search will turn up a significant number of paid advertisers and a list of natural results.
Both of these will include reverse mortgage lenders and lead generation companies. Many will try to entice you to enter your information on their site to make use of a “reverse mortgage calculator”, and once you’ve spent time entering all of your personal details and hit send, you still may not get an accurate quote. Additionally, your personal information can be sold multiple times, and you may even end up on robo-call lists. It’s natural to want to know how much you are eligible to receive from a reverse mortgage and what the costs are. It’s just unlikely that you can get an accurate quote without reaching out to a lender. The online calculators, even if kept up-to-date, don’t offer accurate costs & rates. It’s usually a worst case scenario so the provider is protected from any liability.
The Importance of Site & Licensing Verification
So how do you determine if you are on a lender’s site or a lead generation company’s site? That information should be found in the footer of the site. If it’s not clear to you that you are on a lender’s site, then you probably aren’t. In the mortgage industry, lenders are heavily regulated, so you can look up their licensing on the Nationwide Mortgage Licensing System’s Consumer Access site or check them out with the Better Business Bureau. The last bit of advice is to speak with someone in the industry that has experience and doesn’t appear to be heavily reliant on the sale. You should be presented with multiple loan options and the details should be explained to you, either by email, print, or over the phone. At Premier Reverse Mortgage, we try to be as transparent as possible, provide you with excellent service and keep your best interests in mind. Give us a call today if you’d like a detailed estimate!