Value in having an experienced reverse mortgage loan officer

Just recently at a closing the notary paid me a wonderful compliment. She told my customers they ”were very fortunate that their loan officer (me) was there to explain all of the documents they were signing” and that “most loan officers don’t even show up at the closing”. She also stated that she is instructed “not to try to interpret the documents, just make sure everything is signed properly so that the loan funds”. This is good business advice for the title company as a notary is not a mortgage professional and could create liability for the title company by saying the wrong thing. Not really a good option for the new reverse mortgage customer.
Reverse mortgages are much different from forward mortgages by design. If you are considering a reverse mortgage two of the things that should be evaluated are the competency of the loan originator and the level of service you will receive. Is the originator knowledgeable, do they take time to make sure you understand what a reverse mortgage is and how it works? Feeling comfortable with your decisions means starting with good information, don’t be afraid to ask about experience and service.

Chuck Rizzo  (2 Posts)

Chuck started in the mortgage industry in 1997 working as a loan officer in the retail market providing loans to purchase and refinance customers. Early in 2005 Chuck began specializing in reverse mortgages. This change gave Chuck a dual opportunity to educate seniors about Reverse Mortgages as well as help them improve their quality of life through its financial benefits; Very rewarding.