When you are ready to start the process of acquiring a reverse mortgage you might have questions such as, should I use mortgage broker or a mortgage specialist at the bank?
Some questions to ask to help answer that question might be – What courses did they take? Are they covered by Error and Omissions insurance if they make a mistake? Are they truly interested in helping you or are they paid by salary and have the banks interest at heart? Will that person be there in 6 months, 18 months, 36 months if you have any questions?
A “Mortgage Specialist” at the bank and can only offer you the products the bank sells and they represent the bank and the banks interests.
Mortgage Brokers will:
- Come to you! They are flexible as to where they can meet, it can be your house, their office or even a restaurant or coffee shop
- Help you to gather all the documentation needed to get the process started
- We are very good at paperwork and will work to make you feel comfortable throughout the whole process
- Once all the documentation is in place the mortgage broker will review your file and sit down with you to discuss what will be the best product for your needs
- They will review all the paperwork with you and make sure you understand all the terms of the agreement before you sign
- They will then shop around for the best product and rates for situation
- We will communicate with the lender and keep you informed on the progress of your application
A mortgage broker is more available to you and will work with you on a more personal level than a mortgage specialist. Remember, a mortgage broker does not get paid until the deal is closed so it is in their best interest to work with you in a friendly, professional, and on a personal level until the deal is done.
Are you a special case?
Hard and special cases is where Mortgage brokers really shine. They have access to many non-traditional lenders and can most likely get you a reverse mortgage on better terms than a bank could.
Reasons to choose a mortgage broker over a Bank Loan officer are:
How does a Mortgage Broker get paid?
Mortgage Brokers get paid by the lender and the lender adds no extra fees to the mortgage. So in essence, there is no additional cost to use a mortgage broker because the lenders adsorbs the cost and are thankful for the business.
Mortgage Brokers do not get paid until after the mortgage is funded so they are with you from beginning to end and are very interested in making sure you are happy the whole time.
As of the summer of 2017 there was some big changes on how fees and commissions are disclosed and so now there are a number of additional forms to sign when getting a mortgage. The Form 10 and the Annual Percentage Rate (APR) disclosure are what you will see when getting a mortgage now and they outline very clearly and consistently how much the Mortgage Broker and the lender will make off of that mortgage.
For more information on reverse mortgages please contact Jaret today at 604-816-5988
Monday to Saturday between the hours of 8:00 am to 6:00 pm PST we will respond within an hour
or send us an email and we will respond within 24 hours of receiving your email.