We are all creatures of habit. What we do today and how we act is the result of years and years of the same behavior over and over again. We have become comfortable with the way we think, the way we act, even if the way we think and act does not serve us effectively. The way we purchase goods and services are great examples of this conditioned method of decision making.
Many of you have “purchased” many mortgages over your years of home ownership. It may have been a mortgage to purchase a home or, perhaps, you have refinanced an existing home. I suspect that some of you have refinanced many times and the way you went about it each time and the questions you asked each time were no doubt identical. They are conditioned behaviors.
So now you are thinking about a reverse mortgage and, after all, it is just a mortgage so you should evaluate this “new” mortgage just as you have done so many times over so many years, right? Since a “mortgage is a mortgage” all you need to consider are rates and fees, correct?
Unfortunately, this is the strategy and conditioned behavior of many reverse mortgage “shoppers” and the end result using this approach can be disastrous.
However, with a reverse mortgage, the single most important questions are – tell me about your experience and your qualifications as a reverse mortgage specialist. You are seeking an advisor, not someone to “take your order.” You are seeking an advisor who can help you make an informed decision now and one who can help you structure your reverse mortgage to meet your current financial situation. You should also be seeking a professional who will be there for you in the future.
Ask the right questions and get references. Above all, don’t fall into the trap of using old behaviors to make new decisions.
