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Step 7 - Reverse Mortgage Negotiation

Advice on Reverse Mortgage Negotiation

The best tool you can have in any negotiation is "Information". This is especially true when you are buying large ticket items like a Big Screen TV, a new Car or a Reverse Mortgage! With our help we promise you will be able to stand your ground with any lender in reverse mortgage negotiation!

Reverse Mortgage Negotiation

  • Do your homework. If you have followed all the steps, in sequence, on this web site you are an informed consumer!!!

  • Compare the quotes you got in < QUOTES - STEP 6 > from at least 3 Reverse Mortgage Companies. Pick the best quote and begin your reverse mortgage negotiation with that Lender first.

  • Remember you are NOT asking for a Loan Application or a GFE (Good Faith Estimate) at this point. You are calling the Lender because you "liked their quote but have a few more questions".

INSIDER TIP! Call the Lender, do not e-mail. This is part of your Lender evaluation process. You probably called this Lender before to get the original quote from them. This will be your second call. Now you will have two experiences to judge how your relationship is developing.

RED FLAG! If you call back on a quote and you get voicemail beware. Pay attention to how long it takes to get a call back. If a Reverse Mortgage Lender does not call you back in 1-2 hours there is a good chance they will treat you like that during the loan process.

For more information on negotiating for a low cost loan follow this link More Tips on Reverse Mortgage Negotiation (Click Here)

- - - - - - - - PRINT THESE QUESTIONS - - - - -

Print the below list of questions or write them down on a piece of paper before you call. Leave a space between each question for notes during the call.

SUGGESTED QUESTIONS:

  • What is your name and who will process and underwrite my Loan and what are their names? Will I be able to contact them on their direct phone line and e-mail or will my calls and e-mails go into a group message box.

    • INSIDER TIP! If the person that you are talking to will be the processor or underwriter of your loan, nice! There will be one less person between you and your Loan proceeds.

  • Is there any room to reduce the Origination Fee? If so write the new number down on the original quote from this Lender.

  • Is there any room to reduce the Processing Fee? If so write the new number down on the original quote from this Lender.

  • How many days do you take to process a loan at this time of year?

  • Question 5 (Your Next Question Here)

  • Ask for a revised quote in writing if any changes to the terms were discussed.

    • - - - - - - - - REPEAT WITH OTHER LENDERS - - - - -

    Now you have the best quotes from all your Lenders. The next step is to choose the Lender you FEEL MOST COMFORTABLE WITH. The Lender you pick might not be the lowest cost, but if their costs are in the ballpark and their service is much better it will be worth it. TRUST US ON THIS!

    If you need more advice on negotiating a Reverse Mortgage ask for our free "Coaching" using the blue "Contact Us" form below.

    TAKE ACTION! Your action item for "Step 7 - Negotiation" is to get the best reverse mortgage negotiation quote from at least 3 Lenders in writing and pick the ONE you are most COMFORTABLE with. When you have chosen your lender, click the link below to go to "Step 8 - Counseling"

    >> Go to Step 8 - Counseling (Click Here)
    << Go to The Home Page (Click Here)

    Please use the "Contact Us" form below for to ask questions and ask for Coaching on Reverse Mortgage Negotiation. We never share your information with anyone! Call us Toll Free at (800) 801-1375

    Contact Us about Negotiating the Best Deal
    Please note that all fields followed by an asterisk must be filled in.
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    Comments/Questions Here



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