Live Well Financial: Choosing a Reverse Mortgage Lender
Live Well Financial: Choosing a Reverse Mortgage Lender
Selecting a lender usually depends on the type of reverse mortgage that you want. Public sector reverse mortgages aren’t available in most areas and when they are, usually only one government agency offers any specific type of loan. Normally, you can’t have more than one type of public sector reverse mortgage on your home. So you would be selecting a loan type rather than a lender. When it comes to federally-insured Home Equity Conversion Mortgage (HECM) it is by far the most frequently selected reverse mortgage. That is why it is offered by most private lenders like Live Well Financial.
When getting a federally-insured Home Equity Conversion Mortgage (HECM), home owners are advised to consider a number of factors like cost, origination services, loan servicing, and a lender’s professional commitment to meeting your needs.
When it comes to cost, HECM loan costs can vary by a lot from lender to lender, so it pays to shop around before deciding on a lender. Letting lenders know that you are shopping around may also help you get a better deal. You need to find out how much each lender you are considering would charge you for the origination fee, all third-party closing costs, the monthly servicing fee, and most importantly the interest rate.
Another thing to consider when choosing a lender is their origination of service. Lenders like Live Well Financial should be knowledgeable, experienced, and respectful. Choosing a lender with several years of experience and with a wide service area like Live Well Financial is important especially when problems arise during the processing of your mortgage. An experienced lender has already encountered most of the issues that can cause problems, and is most likely to have solutions to those problems.
Loan servicing is another thing that you have to consider. At loan closing, most lenders transfer their loans to another office or company that specializes in servicing the loan. Make sure that you ask your lender who will be servicing you loan after it closes. Request a sample of the account statements that the company that would service your loan would send you. Make certain you fully understand all the information on these statements.
Last but not certainly the least, the lender you choose should have professional commitment. A commitment to meeting consumer needs can be seen in a lender’s professional relationships and consumer information. Lenders committed to the highest standard of consumer information can provide loan analyses and comparisons that meet the authority’s model specifications.
One lender that offers the best cost, offers the best service and has professional commitment is Live Well Financial They are committed to being your long-term wholesale partner by offering competitive pricing, best-in-class service and no-hassle underwriting. They want to make the process as clear and quick for you as possible and they also want you to see the value of partnering with a committed organization.
Category: Mortgage lenders
