As in any industry, there are good reverse mortgage officers and not so good reverse mortgage officers. The following are some ways to help separate the good from the bad.

1. Does Not Return Phone Calls-  Communication is an important part of the relationship between a reverse mortgage officer and their client.  The process is not always straight-forward, and the borrower may have questions along the way.  Therefore if the reverse mortgage officer regularly does not return calls or does not return calls for long periods of time, it may be time to look elsewhere.

2. Unavailable – In the same vein as #1, if a reverse mortgage officer is continually unavailable, it is hard to complete a reverse mortgage transaction.  If the borrower wants to meet with the reverse mortgage officer or has a question for them, the borrower should be able to reach them.  If they continually can’t, it may be time for the borrower to find a reverse mortgage officer they can talk to.

3. Part-time Gig – While economic times have meant that people may be trying to add extra jobs to make up for a loss of income, the point that your loan officer is more likely to pay more attention to your case and do a better job on the file if getting dinner on the table is on the line is a valid one.  Especially if your reverse mortgage officer has another job in a completely unrelated field, you may want to find one who specializes in their trade and can give your file the attention it needs… full-time.

4. Weary Traveler – Although economic times have led more people to switch jobs recently than they may have liked, be wary of a reverse mortgage officer who has switched companies extensively over the course of their career. There may be a reason why.

5. Inconsistent Answers/Unknowledgable – Reverse mortgages may not be the most basic product on the market, but a good reverse mortgage officer should be able to answer most questions you may have and know where to go to get the answers to the rest.  Beware of reverse mortgage officers who change their answers or are inconsistent.  Also beware if there are many questions that they cannot answer.  And while most states require loan officers to be certified, if a borrower is suspicious they can always check to make sure their officer is licensed.

6. Pushy or Impatient- A reverse mortgage is a significant financial decision, so beware of reverse mortgage officers who try to push the decision on the borrower or hurry the borrower through the process.  The loan officer should make sure that the borrower is comfortable with the process. If the borrower feels uncomfortable, they might want to seek out a reverse mortgage officer who will make them feel more so.

7.  Behavior problems- See if any complaints are on file against your reverse mortgage officer or their company. If there are, borrowers might want to receive an explanation and possibly a different officer to work with.

Thanks to 6 Signs of a Crummy Real Estate Agent for inspiration.