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Friday, January 2, 2009

HUD Counseling for Reverse Mortgages Wards off Scammers

By Spumeti Vanrock

Equity in a home is, of course, one of the benefits of owning in the first place. After all, who wants to go through the loan process, make payments and pay for all the repairs involved in owning without some monetary payoff.

With no other savings, the equity can be tapped into as a lever to solve financial issues. The reverse mortgage was originally invented with this in mind.

The reverse mortgage is not without its shortcomings and is not the proper tool for all situations.

The reverse mortgage is profitable to a lender only when a borrower decides on getting a reverse mortgage. No return is made by talking the senior out of borrowing. The door is open to unscrupulous people.

Being a loan officer, I hold most of my colleagues in esteem. I know the majority will tell the truth and give an honest assessment supported by all available knowledge.

However, a certain contingent exists in the mortgage industry, as it does in any industry, comprised of unethical individuals willing to lie, cheat and steal to do a deal.

Previously I worked as a salesman in the office machine industry. My employer had a sales motto: Do what you gotta do. And they weren't kidding! Try anything you can to get someone to bite.

A few people in the business of reverse mortgages feel selfishly too, but have faith. You may not see the bad guys coming, but you will have a backup consultant to spot them for you.

Prior to advancing on in a reverse mortgage transaction the law requires potential borrowers to counsel with a intermediary, HUD approved advisor.

This gives would-be borrowers neutral educated reverse mortgage advice, who may be talked into a reverse mortgage, when they could better solve their monetary crisis in some better way. The counselor should be able to filter through any questionable items and give suggestions.

Someone is always lying is wait to trick or take advantage of seniors, and this is one way to greatly avoid that possibility.

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