(Source: NRMLA) – Washington, D.C. – June 21, 2012 – The National Reverse Mortgage Lenders Association (NRMLA) today announced a new national public education campaign called Borrow with Confidence designed to provide consumers with a set of tools to guide them through the reverse mortgage borrowing process and establish an enhanced level of product transparency.
These tools – available at www.ReverseMortgage.org – should be every senior's first step towards a reverse mortgage. They explain the product, application process, fees, qualification criteria and the potential risks. Once seniors review the tools, they will be able to make a more informed decision about whether a reverse mortgage is the right choice for them and their families and they will be prepared to begin the reverse mortgage exploration process.
The Borrow with Confidence tools include:
• ReverseMortgage.org, a newly designed consumer information website which contains all the tools and intends to be the most complete and easily navigable guide to reverse mortgages available.
• Your Roadmap to Reverse Mortgages, which walks a borrower step-by-step through the reverse mortgage process; and
• A Pledge to America's Seniors that explains and confirms the high level of service and integrity a borrower can expect from NRMLA members.
For seniors without access to a computer or the internet, Your Road Map to Reverse Mortgages, A Pledge to America's Seniors and a list of NRMLA member lenders is available by request. Simply call our Toll Free number 866-264-4466.
"Our members have sat across the kitchen table from seniors and their families and discussed reverse mortgages for 20 years now and this program is a response to the borrowers' questions, concerns and needs," said Peter Bell, CEO and President of the National Reverse Mortgage Lenders Association. "These Borrow with Confidence tools will provide seniors with knowledge and comfort that will enrich their conversation when they sit down with a lender or counselor." NRMLA members are responsible for 90% of the reverse mortgage transactions in America.
Other helpful tools available at ReverseMortgage.org include:
• Personal stories of reverse mortgage borrowers all across the country;
• A guide for adult children of reverse mortgage borrowers;
• A list of reverse mortgage borrowers ongoing responsibilities and obligations;
• Frequently Asked Questions and a Glossary of common reverse mortgage terminology
"Purchasing a reverse mortgage is a significant financial and emotional decision," Bell said. "We recognize that it is not easy. Our number one priority is to provide consumers with all the information they need to make an informed and deliberate decision as well as to assure them of a safe and secure borrowing experience. Borrow with Confidence is a great new first step for interested seniors and their families."
About Reverse Mortgages:
Reverse Mortgages are available to seniors 62 years-old and older with significant home equity. They are designed to enable elderly homeowners to borrow against the equity in their homes without having to make monthly payments as is required with a traditional "forward" mortgage or home equity loan. Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells or passes away. Borrowers may draw down funds as a lump sum at loan origination, establish a line of credit or request fixed monthly payments for as long as they continue to live in the home. To date, more than 750,000 senior households have utilized an FHA-insured reverse mortgage.
About the National Reverse Mortgage Lenders Association:
The National Reverse Mortgage Lenders Association (NRMLA) is a membership organization comprised of more than 300 companies and more than 1,000 people participating in the reverse mortgage industry. NRMLA serves as the national voice for the reverse mortgage industry. It serves as an educational resource, policy advocate and public affairs center for lenders and related professionals. NRMLA was established in 1997 to enhance the professionalism of the reverse mortgage business. All NRMLA member companies commit themselves to our Code of Ethics & Professional Responsibility.
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