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The Best Reverse Mortgage Companies

Where Can You Find the Best Reverse Mortgage Companies?

If you're age 62 or older, you may have received information regarding reverse mortgages as a means of increasing your income during your retirement years. What is a reverse mortgage, and how does it work?

Unlike a traditional mortgage, where you pay a lender monthly and build up the equity in your home, a reverse mortgage allows the borrower to convert the already-established equity in their home into cash. In other words, with a reverse mortgage, you receive payments from the lender based on the value of your home and the amount of equity you've built up over the years.

Thursday, October 21st

2021 Reverse Mortgage Company Reviews

Liberty Reverse Mortgage Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

Liberty Reverse Mortgage

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

Liberty Reverse Mortgage makes the reverse mortgage process transparent, simple, and trustworthy. Their "Iron Clad Guarantee" means that you'll get the best possible rates and close within 60 days - strong evidence of their commitment to customer satisfaction. Liberty is an excellent choice for your reverse mortgage needs.

Finance of America Review 4 Star Rating

Finance of America

4 Star Rating

From reassuringly-positive customer testimonials to an easy-to-navigate website, Finance of America makes a strong impression when it comes to reverse mortgages. An A+ rating with the Better Business Bureau and membership in the National Reverse Mortgage Lenders Association is further proof that customers are very satisfied with the service received during the borrowing process at Finance of America, and we give them our recommendation as well.

Homepoint Review 3 Star Rating

Homepoint

3 Star Rating

Homepoint is an established lending company, whose products include reverse mortgages, USDA Loans, and HARP refinancing. You'll have to contact Home Point to get information about their reverse mortgage program, as the website doesn't allow you to get a quote directly. However, if you prefer to work with a lender that has in-person locations, Homepoint may be a good choice for you.

American Advisors Group Review 2.5 Star Rating

American Advisors Group

2.5 Star Rating

American Advisors Group has been one of the most well-known names in the reverse mortgage industry. But, recent concerns with misrepresentation - including a settlement in court with the Consumer Financial Protection Bureau - have earned them a low ranking in our list of lenders.

Lower My Bills Review 1.5 Star Rating

Lower My Bills

1.5 Star Rating

Lower My Bills offers several loan products, including reverse mortgages, personal and auto loans, and refinancing. Despite an A+ rating with the BBB, recent court actions may leave you wondering if your personal information will be safe with this lender. We recommend that you choose a more reputable company for your reverse mortgage needs.

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The most common option is known as an HECM (Home Equity Conversion Mortgage), and these loans can be used for basic monthly expenses, medical care, or whatever need you may have. Some of the requirements of obtaining a reverse mortgage are primary residency (living in the home for at least 183 days per calendar year) and participating in a counseling session with an HUD counselor over the phone or in person. Once you have a reverse mortgage, you will still be responsible for paying all applicable property taxes, maintaining the property, and keeping your homeowners' insurance policy up-to-date.

For those shopping for the best reverse mortgage, scouring the internet first provides a large list of quality companies with the most competitive rates.

When you're ready to begin considering lenders for your reverse mortgage, you should keep in mind the following criteria:

  • Rates and fees. What will it cost you to get a reverse mortgage with this lender? Are they transparent with their rates and fees?
  • Process and approachability. It's easy to get confused by the process of getting a reverse mortgage, or by the terms and conditions once the loan is in place. Does the company seem approachable and helpful? Is the website easy to use?
  • Reputation. Is the lender a member of the National Reverse Mortgage Lenders Association (NRMLA)? Do they have a solid track record for treating customers fairly and providing enough information and support during the process?

TopConsumerReviews.com has reviewed and ranked best Reverse Mortgages available today. We hope this information helps you or your loved ones find the right Reverse Mortgage to meet your needs!

The Best Reverse Mortgage Companies Compare Reverse Mortgage Companies Compare Reverse Mortgage Company Reviews What are the best Reverse Mortgage Companies Best Reverse Mortgage Company Reviews

Reverse Mortgage Company FAQ

A reverse mortgage is a loan that gives you access to your home's equity. Instead of paying money to a mortgage lender every month, a lender pays you. You keep the title to your home, and the loan gets paid back when the last borrower leaves the home permanently (due to death, moving elsewhere, and so on).
You can consider a reverse mortgage if you're at least 62 years old and are the titleholder of the property. There are several other criteria associated with qualifying for a reverse mortgage, such as having sufficient equity and other factors established by the Department of Housing and Urban Development (HUD). A reverse mortgage can help you access the equity in your home during the retirement years.
Reverse mortgages are heavily regulated by the federal government - largely to protect seniors from making a risky choice or being taken advantage of. As long as you understand how a reverse mortgage loan works, you should have no need to worry that it will pose any kind of financial risk.
If you don't meet the eligibility criteria (e.g. age, enough equity in the property, and so on), you should look for a different type of loan. You also shouldn't get a reverse mortgage if you plan on moving or if you won't have enough money to continue paying the property taxes and homeowner's insurance.
The federal government requires that you work with a reverse mortgage counselor before you can be approved for this type of loan. Your counselor will talk you through all of the steps necessary to apply and qualify for a reverse mortgage.
Expect the same types of costs you'd have with any other type of home loan, like closing fees. You'll also have to go through HUD counseling for reverse mortgages, and that can incur an additional fee.
Your Medicare and Social Security benefits shouldn't be affected by taking out a reverse mortgage. On the other hand, if you receive food stamps, Medicaid, or participate in any other state or local benefit programs, you may want to consult an expert at your local Area Agency on Aging before committing to a reverse mortgage - to determine what impact, if any, your payments might have.
You've got several trustworthy reverse mortgage providers to choose from. See what previous clients say about their experience: was it easy to understand? Efficient? With no unpleasant surprises? We recommend that you browse the websites of several highly-rated companies first, to get a good overview of what they each have to offer, and then schedule a complimentary consultation. Ultimately, select the reverse mortgage lender that sets your mind at ease, answers your questions, and has a strong overall reputation.
The Best Reviews of Reverse Mortgage Companies