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Saturday, January 3, 2009

Free Information Online for Reverse Mortgage - Not Quite Free

By Revmorti Vanrock

You may have some financial hurdle to overcome. Perhaps you are 62 years old or older and have heard about using a reverse mortgage to help you solve your problem.

What you may have heard is that equity in the home can become spendable money, but the how of it isn't quite clear. So you Google reverse mortgages to see what comes up.

It is satisfying for you to see the myriad of available information- pamphlets, free guides, etc. For people like you who want general facts about the reverse mortgage, there is an abundance of knowledge at your fingertips.

Soon you come across a free report that can be mailed to you right away. That's exactly what you were looking for! You send in your information and keep an eye out for the report.

What may be news to you is that these websites are not actually altruistic, but operate for the purpose of gathering information to make a profit.

Those owning the websites make profit from one of two ways: They are actual lenders looking to get back in touch with you to be your lender of choice if you choose to go forward with a reverse.

Selling leads is the other way these sites create profit. This is popular in the business of reverse mortgages. In fact, websites with the highest lead generation are often considered the most helpful as well.

This kind of site will take your information and offer it up (for a price) to a lender of reverse mortgages, so that lender can offer their services to you.

While you are waiting for your free information, much to your surprise, you get a call from a reverse mortgage lender. They remind you of the website you visited and let you know they are affiliated.

Perhaps you entered your contact details on numerous websites for free guides. This means that multiple companies will be contacting you.

And by the way, it is a very competitive business so you can expect multiple calls from each of these folks attempting to garner your business.

So, as you gather reverse mortgage information online, if you give out your contact info, prepare yourself for phone calls that you were not necessarily expecting.

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