“ What a marvelous modern age we live in. “
Captain Jack Aubrey, Master and Commander, by Patrick O’Brien
In this marvelous modern age, you actually have some choice when it comes to a reverse mortgage - there are at least 2 more lenders to look at than there were 20 years ago.
Back then, it may have made sense to speak directly to the lender. Your conversation was confidential and you could be assured you were getting the best reverse mortgage on the market.
Today however, there are three lenders actively in the market and more coming on board. Each of them has two or three different types of reverse mortgage to choose from . The three lenders have subtly different products - there’s one that will suit you, but it’s important to find the best fit.
You can, of course, go directly to the lender whose adverts catch you eye, but you might miss out on some cost savings or more flexible terms or even a lower interest rate by doing so.
Just like getting your first mortgage, approaching a broker to help you will give you a better range of choices and perhaps even better advice, all with the confidentiality you’re looking for.
So if you’re working through the idea of a reverse mortgage either on your own or with a financial planner, its worth talking to a mortgage broker.
I’m here to help, just give me a call anytime.
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