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Best place to get a reverse mortgage

Web site provides list of reputable lenders
Published on Oct 31, 2006

DEAR BOB: My parents are avid readers of your articles and have become quite the experts on reverse mortgages for senior citizens. But they live in a small town that has one bank, owned and run by an "old geezer" who has been there for 100 years. At least he seems that old. I know he charges high interest rates but he is so charming that most of the "locals" don't bother to go to the nearest city about 50 miles away to compare loan terms. Where is the best place for my parents to get a reverse mortgage? Are reverse mortgages available at small-town banks? --Marsha W. DEAR MARSHA: Yes, reverse mortgages are available everywhere, even in small towns. However, there are minimum property standards. Purchase Bob Bruss reports online. Perhaps you remember the angry West Virginia homeowner whose reverse-mortgage application was rejected because her only drinking water source is a cistern (for some reason she didn't want to drill a well). Frankly, I don't blame the reverse-mortgage lender for...

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