Debt Consolidation Credit Counseling In Phoenix

As a mortgage professional working only with reverse mortgage customers, I am constantly contacted with a myriad of different scenarios. Some are true potential customers, some should think of other options.

I'm not in the business of making a big magnet of myself and trying to get all of them to work with me. The fact is some simply shouldn't, and I tell them so.

It's a bad option for some, a okay option for others, and great option for the remainder. Let's talk about the great ones today.

One of the most important things I like to cover are really two things: Closing costs and length of the mortgage. I want to know the lenght of time the client expects to live in the home.

So, this goes to the questions of the "cost of money". In other words how much is it going to cost this person or couple, over time, to get this loan to solve whatever financial issue they want to solve.

Of all responses i prefer them to say something about being carried out in a box. From a reverse mortgage perspective, from the customer's viewpoint, this is best as the cost to money gets less and less as the lengh of the mortgage extends.

When getting a reverse mortgage you will receive a disclosure which discusses how the costs reduce as the loan length increases.

The disclosure gives snapshots of the annual cost of the mortgage over various years. You'll see how cost reduces over time.

Along with a long mortgage period the best reverse mortgage customers are those without the ability to add income to a financial situation which is already under water.

Fixed incomes play an important role in making up the perfect reverse mortgage customer.

The third identifying trait of the a great reverse mortgage customer is the that of wanting to enjoy the rest of their lives rather than necessarily sacrificing the rest of the their lives for the kids inheritance.

Many have a mind set that they must leave something to the kids. It's vital to them. The reverse mortgage is a financial tool that allows a mortgage without paying monthly. Interest tacks on to the mortgage which doesn't normally give this group warm fuzzies.

So, we want 3 vital traits to come up with a perfect candidate: 1. Staying until death 2. Fixed income which doesn't cover their needs 3. The desire to use the equity of the home on their lives rather than their kid's lives.