Debt Consolidation Credit Counseling In Phoenix

Equity in a home is, of course, one of the benefits of owning in the first place. After all, who wants to go through the loan process, make payments and pay for all the repairs involved in owning without some monetary payoff.

The reverse mortgage was originally invented to help seniors with financial issues. Without any other type of savings the homeowner can access the equity to solve money issues.

Each financial situation requiring remedy is unique. As such the reverse mortgage does not always fit well as a solution.

As a possible conflict of interest, it is marketed by people just like me, who make money only when they get a senior borrower a reverse mortgage; they don't make money by talking the senior out of it.

I am a lender, and I have a high opinion of most in my field. Nearly all loan officers will give a just evaluation, and handle opinions in a measured honest manner.

That being said a certain minority resides in this business (as with any business), made up of unethical individuals willing to ignore anything associated with the golden rule to get what they want.

In the copier business, where I worked in the past, my company had a saying for sales people to remember: Get it done by any means possible. They were serious about it too. Do anything possible to get that money.

A few people in the business of reverse mortgages feel selfishly too, but have faith. You may not see the bad guys coming, but you will have a backup consultant to spot them for you.

Prior to advancing on in a reverse mortgage transaction the law requires potential borrowers to counsel with a intermediary, HUD approved advisor.

This is a major stopgap for those being talked into a reverse mortgage who could otherwise solve the financial obstacle in some other cheaper manner. If the counselor is worth his salt he should be able to spot a bad deal and give the would-be borrower better advice.

I constantly hear about seniors getting cheated or ripped-off. HUD counseling, in the reverse mortgage business, is very useful in stopping this from happening.