Reverse Mortgage Lenders in Portland OR
Tips When Researching Reverse Mortgage Companies in Portland and Choosing the Right Portland Reverse Mortgage Lenders to Work With
Choosing to venture into a reverse mortgage lender in Portland is major decision. In selecting whether or not one is right for you, competent help is crucial; so too is picking a mortgage loan officer that’s knowledgeable in all areas of reverse mortgages.
There are several reverse mortgage companies in Portland to pick from. Here’s a better description of where you may choose to start the search to search for the top reverse mortgage lenders in Portland.
1. Reverse Mortgage Companies in Portland – This really is hands down a good choice. These are lenders that are specialists in reverse mortgage home loans, it is all they actually do. These companies as well as their loan officers frequently offer the most desirable pricing and fees together with the most versatility in underwriting. Plus you know that the loan officer exclusively works on reverse loans and therefore is a specialist in this lending product.
2. Reverse Mortgage Brokers in Portland – Mortgage brokers use several different wholesale loan companies and can shop your home loan around. The simple truth is that generally speaking, almost all reverse mortgage companies they may sell the loan to have hardly any difference in rates, fees and guidelines. This is without a doubt your best option to find a local resource in Portland for reverse mortgages.
3. Reverse Mortgage Banks in Portland – Virtually no banking institutions in Portland, if any, have reverse mortgages. Wells Fargo, Bank of America were the two biggest banks that provided reverse mortgages but they quit providing them several years ago. Nevertheless, you may still call and ask to talk to a loan officer and they may be able to recommend someone in the area that provides reverse loans.
4. Reverse Mortgage Credit Unions in Portland – There’s almost no credit unions that have reverse mortgages in Portland, if any. Similar to the banks, you could call a credit union loan officer to find out if they have a trustworthy referral partner that offers reverse mortgages. Another thing to be informed about credit unions would be that the small ones commonly use outsourcing for the mortgage origination to other mortgage companies.
5. Reverse Mortgage Bankers in Portland – Reverse mortgage bankers are similar to mortgage brokers in that they usually have a lot of resources for various mortgage choices which include reverse mortgages. More than likely they will have on loan officer in their office or somebody in their company which specializes in reverse mortgages.
A loan originator must observe strict ethical conduct. They have to let you know about the many conditions and terms of the mortgage clearly along with the utmost regard of your needs and desires. They must not pressure you or steer you into another kind of loan, such as an annuity, that may not be to your advantage. Should you sense you are being pressured, feel free to check around. It is your decision; only you can choose what is best for you.
Knowledge is power. Read up on reverse mortgages before consulting with a loan originator. This would not only save you time, but could get you a far better deal.
We realize that a reverse mortgage may not be ideal for you. We encourage you to explore your options. If, as an example, you wish to remodel your kitchen, a different type of single purpose loan might be more effective. However, if, a reverse mortgage would most likely suit your needs, we encourage you to give us a call. A skilled loan originator will walk you through each step of the process and answer all questions you may have. To get a greater understanding of how we approach our clients and also how operate as a business.
We highly recommend working with somebody that specializes solely in reverse mortgages. There are several loan officers and reverse mortgage lenders in Portland Oregon to help you with a reverse mortgage. Even so, make sure you find and do business with someone that exclusively works on reverse mortgages. This is a loan which is really different from traditional forward mortgages. You need to work with someone who really understands not only the product but the most beneficial strategy to structure it to meet your needs both now as well as in the future.
Resources for Locating Reverse Mortgage Lenders and Reverse Mortgage Companies in Portland Oregon
1. HUD Approved Reverse Mortgage Companies in Portland – HUD (Us Department of Housing and Urban Development) maintains a list of recognized FHA reverse mortgage lenders and companies. You will find the list and find a lender at https://www.hud.gov/program_offices/housing/sfh/hecm/hecmlenders
2. NRMLA Reverse Mortgage Members – NRMLA (National Reverse Mortgage Lenders Association) also maintains a list of reverse mortgages lenders and companies. You will find a locally approved mortgage lender in Portland when you visit https://www.reversemortgage.org/Find-a-Lender. We would highly recommend working with a lender who has their CRMP certification. The CRMP professional certification is awarded to an individual who has proven top-quality knowledge and competency in the area of reverse mortgages and dedication to maintaining the highest ethical and professional specifications.
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