Three Questions I Ask Reverse Mortgage Borrowers

The Three Questions I Ask Reverse Mortgage Borrowers

Even to the most savoy seniors, a Reverse Mortgage is still a mystery. Sometimes I wonder if the lore is stronger than the truth. The HECM (home equity conversion mortgage) is so different from a traditional or forward mortgage, that the urban lore is quite difficult to overcome.

Unless you are the kind of person who is curious or serious about a Reverse Mortgage. The old saying, “everything to gain and nothing to lose” applies to the curious.

Here are three questions I ask during the first conversation.

1. Please tell me what you know about a Reverse Mortgage?

2. Do you plan on paying off your home? (If you have an existing mortgage)

3. How long do you plan on staying in your home?

The first question lets me know what you know. Then we can have a discussion instead of me parroting a sales presentation. It usually takes one conversation to figure out what direction to go. A short, polite discussion if it’s a “No.” A longer, lively chat if it’s a possibility.

The second question clarifies your intentions and options. If you’re 72, on a fixed income and you have 19 years left on your mortgage, chances are you don’t plan on paying it off. That is always a productive conversation.

The third question is usually a yes or no. If you plan on moving in the next 3-5 years, a Reverse is likely not the best option. If you’re hoping to stay as long as possible, then we are back to a lively conversation about your possibilities.

Bonus Question! Are you curious or serious about a Reverse Mortgage?

At Remarkable Reverse Mortgage we specialize in bringing clarity to the curious, and closure to the serious. If you’ve never talked with a Reverse Mortgage professional who is honest, open and enjoyable: If you’re open and curious, I’m your guy.

I would enjoy hearing your responses to the three/4 questions.

Mark Schmidt Remarkable Reverse Mortgage 720-206-4539

NMLS 846014 CO 100037582