Reverse Mortgage Senior Safeguards: At the Reverse Mortgage Institute, we have safeguards to make sure our clients clearly understand reverse mortgages. This protects the borrower’s interests, the interests of their families, and the interests of the senior community in general.
Steve Haney belongs to the Better Business Bureau, is a member in good standing of the National Reverse Mortgage Lenders Association (NRMLA), and is supported by The Consumer Advocate. We encourage you to contact these institutions and check out the good reputation of our company before proceeding.
HUD Counseling
Before a reverse mortgage application is written, we’ll provide you with the name of a professionally trained HUD counselor. They will furnish you with an expert, objective overview, and discuss all the options associated with a reverse mortgage. To help prepare you for this counseling session, click here to read Preparing for Your HUD Reverse Mortgage Counseling Session, available on this site.
National Reverse Mortgage Lender’s Association
The Reverse Mortgage Institute of Colorado is a member of the National Reverse Mortgage Lenders Association (NRMLA), who has a comprehensive Code of Ethics that we follow closely. Click here to read the NRMLA Code of Ethics.
3 Days to Change Your Mind
Upon your acceptance and approval, we will submit the Colorado Reverse Mortgage application to our processing team, who once again reviews the selected program to further ensure a proper and educated decision has been made.
Our processing team then submits the application to our underwriting department. Underwriting will perform a secondary review of the program and product choice.
After the loan is written, you will still have a 3-day Right of Rescission, which means that you can change your mind for 3 days after you’ve signed the final papers on the loan. Click here to read an article about your 3-day Right of Rescission.
Our Own Reverse Mortgage Institute Procedures
Our own Colorado Reverse Mortgage Counselors adhere to and maintain standards and a code of conduct that are aimed at protecting the interests of the senior community and their families. We realize that although reverse mortgage products can be an excellent financial solution, they may not be the cure all for your financial needs.
Our customary methods in terms of consumer safeguards for senior citizens include:
- A personal, one-on-one consultation with an expert Colorado Reverse Mortgage Counselor who will analyze the needs of the senior candidate to ensure that one of our many Colorado Reverse Mortgage options is a practical solution. We then share with them a detailed cost analysis and comparison breakdown.
- We provide each candidate with a printed version of the Colorado Reverse Mortgage Comparison Breakdown. We review this breakdown with each senior candidate to ensure that the senior clearly understands the options and benefits of different Colorado Reverse Mortgage scenarios.
- We strongly encourage all senior candidates to reach out and seek advice from loved ones: family and friends, as well as financial and/or legal advisors regarding their decision to move forward with a Colorado Reverse Mortgage.
We Stay in Touch!
The Reverse Mortgage Institute at Provident Lending has been in Colorado Springs for a long time, and we will be here for you in your future. We are always available, and never forget our clients. Ultimately, our goal is to help our senior clients find the perfect solution for their needs. To do so, we firmly believe in educating our clients to the utmost, and allowing them access to straightforward, objective information and answers. For answers to any questions you may have, call us in our Colorado Springs office at: (719) 266-5500.
