Tips for Choosing a Trustworthy Reverse Mortgage Lender in Austin
You shouldn’t have to face financial hardships at a stage in life when you should be retired and relaxing. If you’re living in Austin, TX, you may have some options to help you do just that. You may have even heard of the term Reverse Mortgage. It’s a very convenient way to get your expenses covered after retirement.
If you’re considering a reverse mortgage, there are some ways to make sure that your reverse mortgage lender is trustworthy and reliable.
Consumer Protection
To provide consumers with additional peace of mind when they are considering reverse mortgage, there are consumer protection laws that have been devised to ensure the safety of the consumer. It is to safeguard them from any potential scams. A good reverse mortgage lender will be well aware of the concerns of the consumer and will keep them in mind before proceeding.
It’s good to do a little digging into the lender you’re borrowing from before you select them for your reverse mortgage.
Better Business Bureau Score
When you are selecting your reverse mortgage lender, you should see if they’re listed on the Better Business Bureau (BBB) website. It acts to confirm your lender’s reputation as good. The website is a great resource to see you are working with a licensed professional.
The accredited companies under the BBB have agreed to uphold the website’s trust principles. These principles are BBB’s policies that show how businesses should fairly and honestly treat consumers. The BBB, however, is not the only website that offers such an accreditation and listing.
Nationwide Multistate Licensing System and Registry
You can think of this as the BBB for financial services. The Nationwide Multistate Licensing System (NMLS) consumer access is a free service that offers consumers the ability to confirm whether the financial services company (including a reverse mortgage company) or professional is carrying a state license to offer those services to consumers.
The consumer access portal allows you to search for the companies offering reverse mortgage by name and get in touch with individuals working in that company. For instance, you can find and get in touch with 1st USA Reverse Mortgage, LLC on the portal and get in touch directly with the owner on email. If originators and lenders are licensed, the license type and regulators will be shown on their listing page along with other useful information.
Don’t Forget to Check Online Reviews on the Website
It’s crucial for you to see what others have to say about the company. Look on Facebook, Google and on their website to find out if there are testimonials from customers. As you read through the review, look for points that concern you. Here are some questions that may help you get started:
- Are they easy to work with?
- Are people happy with their services?
- What did the reviewer say about their professionalism?
You may be surprised to know a lot of seniors just like you are on the internet and they are not afraid to share their opinions. Research show that about 67% of people over 65 are online and not afraid to share their opinions.
Make sure you read the reviews carefully and see where they came from. You can see what others have to say about our reverse mortgage company and services and make an informed decision.
We’d love offer you a no obligation booklet to help you better understand reverse mortgages. Or you can call and talk to one of our helpful representatives at 512-288-4700 or 800-676-5619. We look forward to hearing from you.
