Reverse mortgages are a relatively simple product on the surface. For all practical purposes the product should be simplified more by the government in order to make it more accessible and easier to understand for the consumers. Simplification is in the best interest of all parties involved in the "binding contract" that is formed because it ensures that the consumer and lender are entering into the pact with full knowledge. Any protections that can be afforded to the consumer are in the best interest of the industry.

Fortunately, most reverse mortgages are insured by the government. This is great because these insurance provided allows the homeowner to be confident that they will not lose their home as the mortgage balance increase over the life of the loan. There are, however, private equity reverse mortgage that do not provide this level of security and these private equity reverse mortgages are not appropriate for all senior borrower. It is essential that senior borrowers are aware of the differences between the loans and complete the required counseling before entering into the agreement.

As the industry matures, lenders are offering a greater variety of selection to borrowers, in both HECMs and proprietary products, with variations in interest rates, fees and other characteristics.

The aging of the population and the anticipated future needs of elder homeowners, now is a perfect time to add reverse mortgages to your companies product offerings. Today, almost 4 out of 5 seniors own their home. There are over 34 million Americans who are over the age of 65 and that number will grow in th future. It is expected to more than double in the next 30 years to almost 70 million.

In principle reverse mortgages are practically the same all over the world with slight variations in certain specific details by country and by state. A good example of variation would be the interest rates as mandated per country.

When looking for a lending establishment that can make the reverse mortgages loans you need, it would be best if you could look at only that have established operation within the city or county where your prospects are located. This will provide more confidence that that are operating in accordance with ethical practices and under the proper legal guidelines.

A list of reverse mortgage lenders who have agreed to adhere to NRMLA's Code of Conduct by logging on to its website: www.reversemortgage.org. This list is a good resource for brokers or lenders that are in the field that are looking for a company to lend through or for educational opportunities.

Keep in mind that attorney generals for states across the country will have been making announcements about their intent to scrutinize the reverse mortgage market and it is perceived to be one of the next hotbeds of fraud. This sort of reacting is by politicians and state legal authorities is common in the senior market as predatory lending and any sort of deception in sales of products to seniors is strongly discouraged. This has been the case for decades.

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