Reasons to Get a HECM Reverse Mortgage Here

Reasons to Get a HECM Reverse Mortgage Here
Reasons to Get a HECM Reverse Mortgage Here
The professor’s objective in developing the HECM reverse mortgage program for seniors was to remedy two major shortcomings of the current market. One was the absence of reliable tools enabling seniors to select the particular HECM option that best met their needs. The second was the absence of price competition enabling seniors to assure themselves that the terms of the HECM option they selected were the best available in the market at the time. The features listed below are designed to remedy these shortcomings.
  1. State-of-the-Art Calculators: The professor's 10 HECM calculators have unique features:
    1. They are designed so that one of the 10 provides the precise HECM option or combination of options that meets the senior’s needs.
    2. The calculators show not only the transaction features, but also project the status of the transaction (including outstanding debt and unused credit line) every year until the senior reaches age 100.
    3. Each calculator includes explanatory text and examples of how it is used to meet senior needs.
  2. Anonymity: Seniors remain anonymous while using the calculators.
  3. Personal Decision Support: While the calculators are simple to use, some seniors will have questions. At any time in their exploration of their HECM options, seniors can seek clarification from the professor or one of his colleagues.
  4. Choice of Loan Providers: The professor’s site is the only one on the web that offers seniors a choice among multiple loan providers, all of which have agreed to provide their pricing to the professor and to abide by his rules of fair-dealing.
  5. Selection of Best Price: The calculators are programmed to use the prices that result in the lowest loan balance over the period that the senior estimates he will be in the house. The loan provider quoting that price is identified, though the senior is free to select any loan provider.
  6. Selection of the Loan Provider: Seniors select their loan provider by sending them the details of the HECM options the seniors have chosen. Only then are they contacted by a loan provider, and only by the one the senior has selected.
  7. Ombudsman Function: While a problem between the senior and the loan provider selected by the senior is not very likely, if it happens the professor or his designee will act as the senior’s ombudsman in resolving it.
  8. Acknowledgement of Obligations: The professor requires that before contacting a loan provider, seniors acknowledge that they are aware of their obligation to pay property taxes, and to inform anyone residing in their house who is not a co-borrower on the HECM that they must vacate the house if the senior dies.
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