Reverse Mortgage Problems and Pitfalls - Step 9
This page will tell you about HECM or Reverse Mortgage Problems and Pitfalls that you might encounter. It will help you avoid Trouble and Scams as well.
- - - - - REVERSE MORTGAGE PROBLEMS & PITFALLS - - - - - - -
State "need based" programs like MediCal
If you or your spouse are receiving a benefit from MediCal or other state need based programs getting a Reverse Mortgage may impact that benefit. If this is a concern for you please use the "Contact Us" form at the bottom of this page to receive more information.
If your Lender will not call you back during the loan process...CONTACT US! There are several ways we may be able to help you with a reverse mortgage problem like this, including getting your loan transferred to another Lender.
If your Lender is slow (processing your loan longer than 8 weeks)...CONTACT US! There are several ways we may be able to help you, including getting your loan transferred to another Lender.
If your loan is denied for any reason...CONTACT US! We will gladly arrange a second opinion for you from companies that regularly fund "denied Reverse Mortgage loans".
Spouse is Under 62 Years Old
If you cannot qualify for a reverse mortgage because your spouse is not 62 -- but you are please follow this link to learn about your options
Under Age Reverse Mortgage Problems Options (Click Here)
POA (Power of Attorney)
If you need to use a Power of Attorney in a Reverse Mortgage transaction it must be a durable power of attorney, signed and notarized. Some Lenders do not want loans that involve POA's. If you would like a Lender Partner of ours to provide you with free information on using a power of attorney in a reverse mortgage transaction please use the "contact us" form below.
Probate must be completed before a reverse mortgage transaction can be closed. Reverse Mortgage problems involving probate are typically related to the fact the Probate must be finalized by the court before the loan closes. Because of this some lenders shy away from transactions involving probate. If you would like a Lender Partner of ours to provide you with free information on probate in a reverse mortgage transaction please use the "contact us" form below.
To use a Trust in a reverse mortgage transaction it must be a revocable trust. All parties to the reverse mortgage transaction that are listed in the trust must qualify for the reverse mortgage. Issues that arise can be addressed by amending the trust. Each lender may require different types of reviews of the trust in order to close the reverse mortgage transaction. We have Lenders Partners that are very experienced with trust issues. If you would like a referral please use the "contact us" form below.
Some states have special requirements for reverse mortgages. For example Texas does not currently allow purchasing a home with a reverse mortgage. If you need free information on specific state requirements please use the "contact us" form below to receive a referral to one of lender partners licensed in your state.
- - - - - - - AVOID SCAMS DURING THE LOAN - - - - -
If you are asked to:
Provide money up front...CONTACT US! This might be illegal; there may be ways to negotiate with the Lender so that no money up front is needed. We are here to help!
Open a bank account with a company of the Lender/Broker's choosing...RUN! This is illegal; we will gladly help you report them to protect other seniors.
Purchase any financial instrument (Annuity, Insurance, Etc.) with a company of the Lender/Broker's choosing...RUN! This is illegal; we will gladly help you report them to protect other seniors.
Stand In for someone who does not qualify for a Reverse Mortgage...RUN! This is illegal; we will gladly help you report them to protect other seniors.
- - - - - - - AVOID SCAMS AFTER THE LOAN - - - - -
If you are contacted by ANYONE except your Lender after the Loan Funds beware. Many scams are tried on seniors after their loan closes. Some of these will look "very real". If you are not sure contact us for a free analysis of the contact you received.
Don't get Scammed!!!
If you are having ANY Reverse Mortgage Problems Call us Toll Free at (800) 801-1375 to get immediate Help!
TAKE ACTION! Your action item for "Step 9 - Problems" is to review reverse mortgage problems that may occur during the processing of a Reverse Mortgage Loan and be aware of the potential scams that are out there. When you are ready click the link below to go to "Step 10 - Start a Loan"
>> Go to Step 10 - Start a Loan (Click Here)
<< Go to Home Page (Click Here)
If you have any reverse mortgage problems feel free to use the "Contact Us" form below and ask us for help. We never share your information with anyone! Call us Toll Free at (800) 801-1375