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Heirs May Oppose Reverse Mortgage Transactions.(Patty McGill)(Brief article)
PHILADELPHIA -- The biggest opposition a lender will face in the reverse mortgage process is opposition from heirs, one mortgage broker who does these loans told attendees at the National Association of Mortgage Brokers annual convention here.
Patty McGill, who is also a past president of NAMB, said even so, there have only been two instances where family member objections have stopped an application.
When either speaking on the phone for the first time or during the first interview with a potential reverse mortgage applicant, Ms. McGill seeks to learn who will be involved in the decision-making process. It is not just family members but an accountant or lawyer as well. The object is to meet with them as well and get them in from the beginning of the process, in order to counter any objections.
Part of the fear with reverse mortgage is that the borrower would lose control of the house. "I never go with an application in ...
- Heirs May Oppose Reverse Mortgage Transactions.
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