National vs Local – Who is best to use?
Shopping local is in the news as the national retailer, Amazon, is coming under scrutiny for being the cause of small businesses struggling or going out of business. National or out-of-state lenders also offer home loans, including reverse mortgages, but working with a local company is far more beneficial to you.
In every case, an out-of-state loan officer will not come to your home to meet with you. Neither will that company offer to initiate and help pay for needed repairs so that you can get the highest appraised value, and therefore the best deal. Only a local reverse mortgage company will care for your unique situation and provide an informal home inspection prior to the appraisal to determine what may be needed.
For example, it is very common that seniors who would benefit from a reverse mortgage have homes with deferred maintenance such as peeling and chipping paint, or would gain a higher appraised value if the home was painted inside or outside. Decluttering and cleaning would also help some homes get a higher appraisal. Your local reverse mortgage company should be willing to cover the cost of many of these things.
Anything less than this Red Carpet Treatment from your local reverse mortgage expert would be selling yourself short. Be sure to ask those who are reaching out to you about reverse mortgages if they offer these services. If they do not, keep looking!
When looking for a local reverse mortgage company, be sure to ask how many reverse mortgages are done in that office a year. If they are not doing close to 100, they may not have the experience necessary to solve issues that may arise. A local company can often offer lower costs, as well.
Contact your local Reverse Mortgage Specialist to learn if a reverse mortgage would be helpful to you.
Jim Doyle is the VP of Lending and a Reverse Mortgage Specialist at Silver Leaf Mortgage in Centennial, CO. Direct: 303-875-5994
JimDoyle@SilverLeafMortgages.com | NMLS# 1394377
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