I received an interesting telephone call today from a friend and colleague, Mr. Rick Cashman. A senior citizen was just about to sign loan papers for a reverse mortgage when her neighbor happened to see my blog post warning people about over-priced loans and scams. She then clicked on the link, which connected her to my recommended ethical, honest reverse mortgage specialists.
The bottom line to this story is that Rick Cashman’s advice saved her $6,000 in upfront fees. That is huge! Six grand can mean a lot to a senior citizen. What was Rick’s commission for doing this good deed? Zero. That’s right, he helped this woman for free, because she happened to be in a state where he isn’t licensed to do loans.
“I like helping people. It’s the right thing to do,” Mr. Cashman said.
With all the negative news out these days, I thought you’d like to hear a story about one of the good guys, the Mortgage Stars, as I call them in my books.
If you know of someone who is interested in obtaining a reverse mortgage, please make them aware that not all lenders are the same, not all reverse mortgages are the same, and that all loan officers are not the same. When it comes to borrowing money, you must always do a proper shop-and-compare. It just might save you $6,000.
Happy Presidents Day!