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Homepoint vs American Advisors Group

Sunday, June 20th

2021 Reverse Mortgage Company Reviews

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.

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.

Compare the Best Reviews

Continued from above...

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 Reviews of Reverse Mortgage Companies