Should I Use An Estate Planning Service To Get A Reverse Mortgage?

30 Jun Should I Use An Estate Planning Service To Get A Reverse Mortgage?

Eugene S. Melchionne in his article entitled: “Is A Reverse Mortgage Right For You?” provides a excellent summary of the pros and cons of the reverse mortgage and is necessary reading if you are considering a reverse mortgage.

So what if you have weighed the pros and cons and havedecided to get a reverse mortgage! Should you use the services of an “Estate Planner?”

The answer is no!

While there are legitimate estate planners out there who assist people in planning for their retirement, anyone telling you that you need there services to get a reverse mortgage is scamming you.

Why do I say this?

Becausereverse mortgage counseling services are availableeither for free, or at worst,a nominal charge.

TheU. S. Department of Housing and Urban Development (HUD), has issued a directiveadvising lenders that issue mortgages insured by the Federal Housing Administration (FHA) to stop doing business with estate planning services and other companies that charge fees, sometimes thousands of dollars in fees, to provide information on reverse mortgages.

A list of no cost and low cost HUD-approved housing counselors in your area is available for free by calling HUD at 1-800-569-4287 or by going to HUD’s website.

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I've been a consumer bankruptcy lawyer for nearly 25 years. Since that time I have helped many people resolve their financial problems. I have been practicing law since 1986 and I am licensed to practice in all state and federal courts in the State of Louisiana. Because I am a sole practitioner, you know that your debt matters are being handled by me personally. In addition to my work with consumers, I am also frequently asked to speak at local seminars on bankruptcy law. I am member of the following organizations: • Louisiana Bar Association • National Association of Consumer Bankruptcy Attorneys • Bankruptcy Law Network My office is located at: 3920 General DeGaulle Drive, New Orleans, LA 70114 Telephone: (504) 368-4101

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