Reverse Mortgages: Know Your Options

Many seniors are not being informed of the different options available under the FHA reverse mortgage program.  This is due to the fact that many brokers are luring seniors into taking a lump sum cash payment because it compensates the reverse mortgage broker the most.  As a result, there was a recent study done by the CFPB that illustrated this exact point as being a detriment to the reverse mortgage program as a whole.  When considering a reverse mortgage, it pays to do your research and interview various reverse mortgage banks (not brokers) who are held by much higher industry standards.  It is wise to consult with an attorney, financial planner and reverse mortgage professional.  For complete information on the reverse mortgage program for adult children, advisers and seniors, visit www.reversemortgagepartner.com.