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Norman Said:

How are reverse mortgages affected by the current credit crisis in the united states?

We Answered:

There are MANY terrible companies but much to Judy's dismay, I am sure, there are many good companies out there as well. Research is the key word.

I would imagine that right now it might be harder to find one of the good ones willing to give much at all against your equity.

Laurie Said:

How are the consumers who signed and received reverse mortgages making out in this time of economic downturn?

We Answered:

It's not a problem.

Those homes are/have been paid in full.
They are drawing a "maximum percentage" of the value.

I do not know how that may change if the total value of the home declines, but feel sure that the lenders are protected.
I don't think they will permit payments to exceed any current market value, even if the amount paid in is more than the value.

Dolores Said:

do you have to have a real estate license to sell reverse mortgages in california?

We Answered:

Mortgages are regulated at the state level. The type of mortgage rarely makes a difference unless you are talking about commercial vs. residential loans.

Check online to read up on the state regulations. Mortgage brokers in CA have to have a real estate license so you can assume that a reverse mortgage would fall under those regulations.