Cliff AuerswaldPresident, All Reverse Mortgage, Inc. · President at All Reverse Mortgage, Inc. (ARLO™) NMLS#14041 Company NMLS #13999

How to Find the Right Reverse Mortgage Lender?

29 Nov 2023 · 1 min

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1:00

In this brief segment, mortgage professional Cliff Auerswald advises consumers on selecting a reverse‑mortgage lender. He stresses that lenders must be HUD‑approved to originate the federally insured Home Equity Conversion Mortgage (HECM) program, noting that this specialization requires expertise. Auerswald highlights his company’s focus on reverse mortgages since 2007 and recommends a three‑step approach: (1) identify HUD‑approved lenders, (2) obtain multiple quotes, and (3) verify the lender’s reputation through the Better Business Bureau, which he considers the only unbiased review source because other sites can be paid for by lenders.

Chapters

How to find the best lender? I would recommend you going with a lender that is HUD approved. You have to be HUD approved to be a direct lender of the federally insured HECM program. But finding the right lender is important because this is such a specialized program. We've been doing reverse mortgages exclusively since 2007. There's no way I would add a different mortgage program to our company because it just would be a disservice. My advice: go look at lenders, start getting some quotes from them, and then also check check their background with the Better Business Bureau. The Better Business Bureau tends to be the only review site, I'd say, that's really not monetarily influenced by lenders. Some lenders actually can pay for, you know, certain websites to promote them. You can't do that with the BBB.