Access reverse

With the meltdown of the sub-prime mortgage industry, literally thousands of sub-prime mortgage brokers have started offering reverse mortgages.  It is likely that the majority of companies selling reverse mortgages have been at it less than a year and are processing fewer than one reverse mortgage per month.  Many have never written a reverse mortgage at all, ever! 

Here’s what you should consider in a reverse mortgage company:

:Licensed with FHA/HUD as a reverse mortgage lender or correspondent lender?

:Licensed with the state as a reverse mortgage lender or correspondent lender?

If you are in your 60s, chances are you have some knowledge of reverse mortgages.

With CD interest rates in the 2 percent range and stock market performance erratic, many homeowners are finding themselves financially squeezed.

But before signing up for a reverse mortgage, be sure you carefully weigh your options.

Homeowners wanting to tap their home equity generally have three options. They can sell their residence and downsize to a smaller home or apartment, take out a home equity loan or use a reverse mortgage.