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      September 27, 2020

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Reverse Mortgages

  1. Liberty Home Equity
  2. Finance of America
  3. Home Point Financial
  4. AAG
  5. Lower My Bills

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Best Reverse Mortgages Better Business Bureau Reliability Seal

Get Your Reverse Mortgage at One Reverse Mortgage Today! 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.

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Best Reviews


2020

Reverse Mortgages

5 stars
One Reverse Mortgage

ONE REVERSE MORTGAGETopConsumerReviews.com Best-In-Class Blue Ribbon Award

One Reverse Mortgage provides clients with a supportive, easy-to-understand process for obtaining a reverse mortgage. Their reputation is stellar, and they welcome the participation of other family members at every step of the way. One Reverse Mortgage is our top choice in the reverse mortgage industry.

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4.5 stars
Liberty Home Equity Solutions

LIBERTY HOME EQUITY SOLUTIONS

Liberty Home Equity Solutions 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.

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4 stars
Finance of America

FINANCE OF AMERICA

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.

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3 stars
Home Point Financial

HOME POINT FINANCIAL

Home Point Financial 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, Home Point may be a good choice for you.

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2.5 stars
American Advisors Group

AMERICAN ADVISORS GROUP

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.

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1.5 stars
Lower My Bills

LOWER MY BILLS

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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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!

If you're home-rich but cash-poor, here's what to know about reverse mortgages

Reverse mortgages have some advantages but some serious downsides. Here's what to know before making this decision.

Published:  Tue, 22 Sep 2020 05:00:02 GMT



Dispelling the myths about reverse mortgages

RICHMOND, Va. - Are you familiar with reverse mortgages? Do you need assistance determining the real pros and cons? Brad Friedman, Reverse Director of Reverse Mortgage.Pro, sorts fact versus fiction ...

Published:  Tue, 22 Sep 2020 10:08:00 GMT



Savvy Senior: Should seniors consider reverse mortgage now?

What can you tell me about reverse mortgages? The coronavirus damage to my retirement account has me considering it but want to make sure I know what I'm getting into. - Cash-Strapped Senior DEAR CASH ...

Published:  Tue, 15 Sep 2020 03:00:00 GMT



Is a reverse mortgage the solution to your money woes?

Heartland Bank has raised a massive $155 million to lend out on reverse mortgages in Australia. It's a huge deal for the New Zealand bank, which sells reverse mortgages in this country as well. A ...

Published:  Wed, 16 Sep 2020 10:05:00 GMT



4 seniors: Is a reverse mortgage right for you?

Reverse mortgages allow older homeowners to turn part of their home into tax-free cash, but is it the right move for you or an expensive mistake?

Published:  Thu, 17 Sep 2020 09:01:00 GMT



Ginnie Mae will ban LIBOR-based mortgages

Ginnie Mae said it will stop securitizing adjustable-rate mortgages benchmarked to the London Interbank Offer Rate, or LIBOR, in January.

Published:  Tue, 22 Sep 2020 18:51:00 GMT



Boost for reverse mortgage lender Heartland

New Zealand lender Heartland Group has boosted its Australian reverse mortgage business, securing a further 142m in long-term funding.

Published:  Sun, 20 Sep 2020 05:51:00 GMT



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