The reverse mortgage industry is currently flourishing in the United States, because it is one of the few options that are available to senior citizens. These loans allow the elderly to get a loan based on their equity, which is already present in a property. The best thing about these loans is that seniors do not have to pay the loan back as long as they are living in the same house.
There are many companies that are working as reverse mortgage lenders in Mahwah, NJ. Here, we discuss some of the features of the best lenders.
Registered with Federal Authorities
A reverse mortgage lender in Mahwah, NJ should be registered with the relevant federal authorities. These loans are backed by FHA (Federal Housing Administration) and can only be given to the elderly, who are able to show that they have been tackling their liabilities in a sustained manner. The loan program is ensured by HUD (Housing and Urban Development).
Best Ratings with Agencies
You need to give preference to lenders, who have excellent ratings from top agencies that govern this industry. The Better Business Bureau ranks consumer businesses. You should select lenders which have an A+ rating, showing that they are committed to serving their consumers in an ideal manner.
All the top reverse mortgage lenders are also associated with NRMLA (National Reverse Mortgage Lenders Association). This association provides a code of ethics for lenders.
A perfect reverse mortgage lender in Mahwah, NJ is the one that the requirements of the elderly, and is able to provide relevant solutions for them.