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A complete loan officer is more than their job description

National Mortgage Professional
Aug 23, 2005

NAMB past president appears on national televisionMortgagePress.comNAMB, Bob Armbruster, NBC, Ann Curry, Reverse Mortgage, Tips, Financing, Seniors On May 26, National Association of Mortgage Brokers Immediate Past President Bob Armbruster appeared on NBC's Today Show during a segment titled, "Housing Financing Alternatives for Seniors." During his interview with NBC news anchor Ann Curry, Armbruster offered several tips for seniors, including: †Consider a reverse mortgage. Seniors who are 62 or older and owe little or nothing on their home can take out a reverse mortgage that will pay them a certain amount each month. The loan does not have to be repaid until the home is sold. †Understand the type of loan you are getting. There are many kinds of home equity loans that offer fixed or adjustable rates, lump sum payments or lines of credit. Each has its advantages and disadvantages, depending on the borrowers financial situation. †Borrow only as much as you can afford. Make sure the monthly payments on your loan fit within your budget. If you cant make the payments, you could lose your house. †Dont give in to high-pressure salesman. No reputable broker or lender will try to pressure you to take out a loan. Walk away from anyone pressuring you to sign off on a loan. For more information, visit www.namb.org.
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