When purchasing or even owning a home, it’s important to stay educated when it comes to home mortgage loans. Reverse mortgages, in particular, can be a great asset for senior borrowers, but they have gotten a bad rap recently. The Indigo Mortgage team is here to educate you and set the record straight about reverse mortgages.
Reverse mortgages over the last few years have gotten a bad reputation. While some of the information out there is true, most issues associated with reverse mortgages have been corrected. In the past, reverse mortgages were not regulated. The loans benefited the mortgage companies but could have been better for the borrower. Because of this, the government recently took over all reverse mortgages. The FHA now governs reverse mortgages; that way, lenders cannot take advantage of individuals, specifically seniors, in the housing market.
National reverse mortgage lenders may seem like the best choice at first glance, but in most cases, it will behoove the buyer to shop locally. Many large reverse mortgage companies are not the best at informing the borrower and can be very high pressure. At Indigo Mortgage New Mexico, we pride ourselves in our ethical practices and promise never to pressure anyone, let alone a senior, into a home loan. We always look forward to meeting individuals face to face and explaining any reverse mortgage programs to them. It is our job to educate the borrower in any way possible.
If you are interested in purchasing a home in New Mexico or looking for a reverse mortgage, reach out to the Indigo Mortgage team. We are available to answer any questions you may have!