Why Shop For a Reverse Mortgage Here

Why Shop For a Reverse Mortgage Here

The professor’s objective in developing the HECM reverse mortgage program was to provide features that are important to seniors but not available elsewhere in the market.

  * Loan providers certified by the professor as Certified Network Lenders -- see below.

  • A reliable and easy-to-use calculator enabling seniors to determine how much they can draw on each HECM option or combination of options.
  • Personalized guidance on using the calculator, and on determining whether a HECM will meet the senior’s needs, prior to contacting a lender.
  • Price competition, enabling seniors to assure themselves that the interest rate and fees of the HECM option they select are among the best available in the market at the time.
  • Protection against “lock abuse” – an unwarranted price increase after the senior is committed to the transaction.
  • “Ombudsman support”, in the event that something goes wrong in the process of dealing with the lender.

    As of August 1, 2016, the following Certified Network Lenders (CNLs) were offering reverse mortgages on this site:

  • All Reverse

  • Evolve Bank and Trust

  • Federal Savings Bank

  • First Bank

  • Goldwater Bank

  • Retire Secure

  • Signet Mortgage

 CNLs offering reverse mortgages conform to the following rules and principles:

CNLs Transmit Their Prices and Underwriting Data to the Professor’s Network Electronically: Direct transmission means that loan officers have no discretion over prices, which eliminates "low=balling" and other games that loan officers sometimes play, at the borrower's expense. It also allows the professor to a) sort and compare the terms offered by different lenders, on a timely basis, for the benefit of borrowers; b) provide potential borrowers with the capacity to monitor their lender’s prices until their loan is locked (see below); and c) maintain a day-to-day historical record of market prices.  

CNLs Post Prices That Are as Low or Lower Than Those Offered by That CNL Directly to Borrowers Through Any Other Channel. This includes interest rate, points, origination fees, and all fixed-dollar fees. Complete pricing assures that the price comparisons disclosed by the professor to users are valid.   

CNLs Disclose Complete Information About Adjustable Rate Mortgages (ARMs): On each ARM that they offer, CNLs must provide the rate index, current index value, margin, rate adjustment caps and maximum and minimum rates. This allows the professor and users to assess the risk of future rate and payment increases using the professor’s built-in decision support.  

CNLs Accept the Mortgage Professor as the Borrower's Ombudsman.They understand that in the unlikely event that something goes wrong, the professor or his agent will represent the borrower in getting the problem fixed. To facilitate this process, each CNL designates a Single Point of Contact.  


Those interested in learning more about these features can do so at Why the Mortgage Professor Is Offering Reverse Mortgages.
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