New Jersey Based Mortgage Reverse Mortgage Broker Reveals 3 Things Lenders Don't Want You to Know

Online, October 9, 2009 (Newswire.com) - New Jersey Based Reverse Mortgage Broker Reveals 3 Things Lenders Don't Want You to Know About Shopping for a Mortgage Online

Anyone who's even remotely interested in shopping for a Reverse Mortgage has probably paid attention to all those commercials on TV touting the ease of using any of a variety of Internet services to compare mortgage offers from the comfort of your home. You may even have tried a couple of them yourself. But Timothy Robbins, a Reverse Mortgage Expert with LoanWell America, says New Jersey residents need to watch out when trying to use the Internet to do the heavy lifting for them.

"Sometimes, these Internet services might work fairly well for certain people." "But the one-size-fits-all approach they offer is going to leave a lot of people with loans that aren't the best for them, or even worse, they may be shut out of the process altogether."

Timothy Robbins says the problem with these services is that they never really get to know anything about your financial situation other than your credit history and income level. "So basically what winds up happening is that you're reduced to a number to them. And if they don't like whatever that number is, you're out of luck."

Here are three things you should watch out for when shopping for Reverse Mortgage products on the Internet - things most online mortgage sites hope you ignore:

*Do they take the time to find out about your unique situation, or are you just a cyber-borrower in their eyes? Most of these sites simply sell your information to loan officers who pay big fees for those leads. Most lead companies don't have the manpower to individually work with every borrower. So a lot of times you wind up receiving phones calls from a lot of loan officers from all over the country. The problem is you are just a person on the phone and you do not receive a personal financial and educational opportunity and you never meet the person.

*What do they offer people in special financial circumstances - They do not meet with the senior and give them an education on the product or go over the financial situation to determine which programs is best for their personal financial needs
*Do they provide advice to help when choosing between the different HECM loan products? Most sites simply gather names, addresses and phone numbers and then throw them in your lap, and pressure you to choose between them. Unless you're a pretty experienced mortgage pro, deciding on the best offer can be difficult, if not impossible.

So, what's the solution? Use the Internet to educate yourself and then work with a real human being. You may not have thought about "old-fashioned" methods of finding the best deal, such as working with a Reverse mortgage broker. "But for anyone who values a real person sitting down with you and working through the process, there's no better option," says Robbins.

New Jersey - based Reverse mortgage expert Timothy Robbins specializes in providing information to New Jersey senior residents that allows them to make informed decisions about their Reverse mortgage financing options and learn the insider secrets that can save them thousands of dollars.
Timothy Robbins is available for interviews and will welcome all your mortgage related questions.

Call 800-610-3599 for a Free No-Obligation Consultation or visit:

[url:http://bestmortgageplans.com]