How MetLife’s Reverse-Mortgage Exit Could Impact You
MetLife has joined some other big financial companies in exiting the reverse-mortgage business, The New York Times reports. Bank of America and Wells Fargo paved the way out last year. Of course, that doesn’t mean reverse mortgages, the loans some people use to pay for in-home care or other needs, have gone out the window. But, the Times suggests, it might mean you have to work a little harder to get the one you want–with a company you trust.
Borrowers may have to shop around to find the specific variety of reverse mortgage they want, since not all lenders may offer every option.
The new prevalence of lesser-known lenders, however, means it is even more important that borrowers do their homework, and complete free or low-cost mandatory counseling before applying for a reverse mortgage, [Barbara Stucki, vice president of home equity initiatives with the National Council on Aging,] said. “We continue to urge people to talk to a H.U.D.-approved reverse-mortgage counselor, before they talk with a lender,” she said.
Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.