When researching reverse mortgages, many homeowners quickly realize there are countless companies, advertisements, and loan professionals competing for attention. From television commercials to online calculators and direct mail pieces, it can be difficult to know who is actually handling the loan and what kind of experience to expect.

Not all reverse mortgage professionals work the same way.

Many traditional banks and credit unions either do not offer reverse mortgages or only handle them occasionally. In some cases, borrowers may end up working with call centers or representatives who manage many different loan products rather than specializing specifically in reverse mortgages.

Others choose to work with brokers, who act as third parties and shop loans through outside lenders. While that may work well in some situations, it can also add additional layers to the process.

Many seniors instead prefer working directly with specialists who focus primarily on FHA-insured reverse mortgages. Because reverse mortgages are very different from traditional home loans, experience and education can make a significant difference.

For many borrowers, having someone local and accessible to answer questions face-to-face helps create a more comfortable experience during what is often a major financial decision.

Reverse mortgages are available to qualifying homeowners age 62 and older and allow borrowers to access a portion of their home equity while continuing to live in the home. Funds can be received through monthly payments, a line of credit, a lump sum, or used to purchase a home.

Like any financial product, a reverse mortgage is not the right fit for everyone. But understanding who you are working with — and how the process works — can help homeowners make more informed and confident decisions.

Jan and Kelsey are Reverse Mortgage Specialists serving the Erie, Dacono, Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado, as well as the Cheyenne and Laramie communities of Wyoming.  Contact Jan and Kelsey to learn if a reverse mortgage is right for you.