Reverse Mortgage Industry Promotes Transparency with New Consumer Tools

"Part of our mission as an association is to educate consumers about the pros and cons of a reverse mortgage by being transparent about how the loan works," said NRMLA President and CEO, Peter Bell. "The new consumer guides are another way to provide reverse mortgage borrowers with information about loan terms, guidance for working with the lender after the loan is closed, and the process for repaying the loan when it comes due."

"We consulted professionals from all areas of the industry to ensure the information we are sharing is clear, comprehensive, and responsive to the most common questions posed by borrowers and their families. We hope to see a broad adoption of the guides by policy makers, consumer advocates, and other professionals whose clients can benefit from learning more about reverse mortgage loans," said Bell. 

The three titles along with brief descriptions and download links are included below.

Reverse Mortgage Self-Evaluation: A Checklist of Key Considerations
The National Reverse Mortgage Lenders Association's free "Reverse Mortgage Self-Evaluation" poses seven questions interested consumers should ask themselves, as well as important considerations to think about, before proceeding with a loan application. 

What You Need to Know About Your HECM After Closing
The National Reverse Mortgage Lenders Association created, "What You Need to Know About Your HECM After Closing" to answer questions reverse mortgage loan borrowers, and their heirs, may have about their FHA-insured Home Equity Conversion Mortgage, commonly referred to as a reverse mortgage loan. This free guide explains the important role of the loan servicer and the rules, guidelines, and timelines that apply to the loan.

What Do I Do When My Loan is Due?
The National Reverse Mortgage Lenders Association created, "What Do I Do When My Loan is Due?," a free brochure to walk reverse mortgage loan borrowers and their families through the end of the loan process when it is time for the loan to be repaid. 

About the National Reverse Mortgage Lenders Association
The National Reverse Mortgage Lenders Association (NRMLA) is the national voice for the industry and represents the lenders, loan servicers, credit unions, and housing counseling agencies responsible for more than 90 percent of reverse mortgage transactions in the United States. All NRMLA member companies commit themselves to a Code of Ethics & Professional Responsibility. Learn more at www.nrmlaonline.org.  

Contact:
Jenny Werwa, 202-939-1783, [email protected]
National Reverse Mortgage Lenders Association

SOURCE National Reverse Mortgage Lenders Association