SPECIAL REPORT

HUD approved/licensed

All Reverse Mortgage Lenders who offer FHA insured reverse mortgages are required to be approved by HUD (Department of Housing and Urban Development). Any company originating HECM Reverse Mortgages who is not approved and authorized by HUD is acting illegally. It is very important that you verify at www.hud.gov that your Reverse Mortgage Loan Specialist has all HUD required approvals.

NRMLA membership
code of conduct/best pratices standards

Qualified Reverse Mortgage Lenders should be a member of NRMLA and adhere to the highest ethical standards. They should subscribe to the NRMLA Code of Conduct and Best Practices Standards which were created to protect seniors from predatory lending practices. These individuals are most likely to be dedicated to fair, objective and honest dealings with the senior market and their advisors.

ABILITY to produce analyses and comparisons that meet AARP's model specifications

Lenders who are committed to the highest standard of consumer information can provide analyses and comparisons that meet AARP’s model specifications. There is only one computer software program currently meeting this standard. This software prints out a key side-by-side comparison report called the “Reverse Mortgage Performance Report.” Make sure your Reverse Mortgage Specialist is using this software and provides each senior borrower with this specific printout that clearly illustrates the products and benefit options available.

EXPERIENCE

How long a lender has been offering reverse mortgages may be particularly important if your loan runs into any unexpected snags. An experienced lender has already encountered most of the issues that can cause problems, and is most likely to have a good working relationship with the nearest HUD office. We suggest the Reverse Mortgage Loan Specialist you choose have a minimum of five years direct experience originating Reverse Mortgage loans.