What is "Lead Mortgage Reverse"? If you are looking for a lead for a mortgage in reverse, you probably typed lead mortgage reverse into a search engine. However, you will probably have more luck finding the lead you are looking for by typing in reverse mortgage lead or leads because lead mortgage reverse is more commonly called a reverse mortgage lead.
There are many companies online that offer reverse mortgage leads. Those companies entice borrowers seeking a loan to give them their personal information, such as their name, address, type of property, and personal finance situation (Guttentag 85). The companies sell that information, which is called a lead, to lenders offering reverse mortgages. Those leads are very valuable to lenders because they are receiving information on a customer who is more likely to take a reverse mortgage from them than the average person.
Are Reverse Mortgage Lead Web sites Good for the Borrower? Web sites that offer reverse mortgage leads can also be valuable for the borrower. Some Web sites that offer leads will provide borrowers with up to four different lenders who will try to out bid each other in order to be chosen by the borrower (Guttentag 85). As a result borrowers will have many loan offers without having to go out and find the loans.
Borrowers with bad credit may also find reverse mortgage lead Web sites helpful because they will not have to waste time applying to many lenders who do not want to work with them (Guttentag 85). That might be why the majority of online leads are people with bad credit (Reed 171).
What are the Dangers of Reverse Mortgage Lead Web sites? When comparing the offers of lenders, borrowers should always remember that the prices that lenders quote may not be the same as the prices that are offered on the day when the reverse mortgage is "locked in" (Guttentag 86). When a lender locks in your reverse mortgage, they promise to offer you a certain interest rate and number of points if your reverse mortgage application is approved ("A Consumer Guide to Mortgage Lock-Ins"). Because the price of your reverse mortgage may change from the time you get your initial quote to the time you lock-in your reverse mortgage, it is smart to find out how your lender will choose the interest rate and points on the day when they lock-in your reverse mortgage (Guttentag 87).
Also remember to always use caution when you submit your personal information online. Make sure that the Web site is a legitimate, reputable company before giving out any information. Try looking for reviews of and recommendations for the lead Web site you are thinking of using. Never give out your information, if you are not sure that the Web site is secure.
