Senior Safeguards

Reverse Mortgage Pro

Safeguards for Seniors

Protecting You

FHA – HUD Reverse Mortgage loans were designed in 1988 by the U.S. Department of Housing and Urban Development based on the lobbying efforts of various Senior advocates including AARP to allow seniors to have safe access to home equity without fear of losing a home due to missed payments. Reverse mortgages and the lenders that offer them are heavily regulated by Federal and State agencies for the protection of Seniors.

Good Faith Estimate and Limit on Fees

Lenders must provide you a Good Faith Estimate (GFE) at application shows each required closing cost. Remember most and in some cases all costs of the loan are paid when the loan is paid off, not upfront like other loans. In general all closing costs are regulated on FHA reverse mortgages by the U.S. Government and guarantees borrowers against unnecessary or excessive fees.

Independent Counseling Required

To help determine if a reverse mortgage is appropriate and insure that seniors are fully informed of all options, borrowers must obtain independent counseling before closing. Lenders are required to provide a list of six phone counseling agencies and six that you can visit in person. In general, the counselor will discuss the following:

  • All allowable closing costs and loan options
  • Terms and financial implications of a reverse mortgage
  • Other financial options vs. getting a reverse mortgage
  • Warnings of using proceeds for investments
Senior couple at the meeting with a counselor. Buenos Aires, Argentina, South America
Shot of a senior couple working on their finances at home

Why ReverseMortgage.Pro – Mortgage.Shop LLC is Safe

We are a FHA – HUD and State Approved Lender and our founder is one of the original pioneers of the reverse mortgage field, he has personally closed more reverse mortgage loans since 1992 then most any other person in the country. All of our employees have years of experience and are held to the highest requirements for ethics and continuing education along with Federal and State licenses.

Better Business Bureau

We are an Accredited Member of the B.B.B and carry its highest grade of A+.

ReverseMortgage.Pro BBB Business Review