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      June 17, 2019

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Reverse Mortgages

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

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LendingTree vs American Advisors Group

To help you find the Best Reverse Mortgages, TopConsumerReviews.com provides you with an in-depth comparison of LendingTree and American Advisors Group.

To see ALL of our reviews for the Best Reverse Mortgages, please Click Here

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

2019

Reverse Mortgages

4.5 stars
LendingTree

LENDINGTREE Visit Site

LendingTree is becoming increasingly better-known among consumers as a resource for finding a loan. Reverse mortgages are just a part of the lending products available through their site.

LendingTree has an impressive A+ rating from the Better Business Bureau and provide a superior comprehensive loan website for any type of home loan you might be interested in. Their process for applying for a Reverse Mortgage is no exception.

To get started with a Reverse Mortgage with LendingTree, you follow these simple steps:

  1. Answer simple questions that identify the type of property you own, remaining mortgage amount, location, and contact information.
  2. Within minutes you'll receive up to 5 offers from various lenders
  3. Compare the mortgage rates and terms for each Reverse Mortgage loan offer
  4. Complete an official application for the lender you choose

LendingTree also offers a good variety of information and articles on Reverse Mortgages. Topics such as "How to Get Out of a Reverse Mortgage" and "How Does a Reverse Mortgage Work" provide good information that can help explain this process to anyone. If you determine that you'd like to explore options other than a Reverse Mortgage, the comprehensive lending resources at LendingTree means they can help you with those alternatives as well.

LendingTree earns high marks for a being a comprehensive one-stop shop for comparing a variety of mortgage loan options. Their Reverse Mortgage loan application process is simple and lenders will compete for your business. For all these reasons, we think LendingTree is a very good choice for you to pursue your Reverse Mortgage.

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2.5 stars
American Advisors Group

AMERICAN ADVISORS GROUP Visit Site

If you've ever seen an infomercial on TV regarding reverse mortgages, you're likely familiar with American Advisors Group (AAG) already. With Tom Selleck as their spokesperson and as the lender with the highest number of closings on reverse mortgages in the nation, AAG definitely has name recognition that is not easily matched by the competition.

Our experience with trying to use AAG was not as smooth as we expected from such a well-known lender. On the main page, after we clicked on the first "Learn More" button, we were asked to enter our name, address, phone number, value of the home, and any existing mortgage balance. Unlike most of their competitors, who at this stage then offer an estimate of the available loan amount, AAG only informed us that we'd be getting a DVD in the mail and a phone call from a representative. We'd definitely have preferred to get details related to any loan products for which we were eligible.

After clicking on the second "Learn More" button, we were taken to an FAQ page. For a customer just starting out, they may not even be sure what questions to ask; it would be more helpful to get a summary of their loan programs, applicable fees, and so on. Instead, the FAQ makes it very difficult to tell at-a-glance what types of loans AAG has and what a customer should expect to pay in closing costs and other fees.

However, one of the largest concerns we have with AAG is their reputation. Despite positive testimonials on their website, we found that their rating with the Better Business Bureau was only a B+ at the time of our review. Looking further, we found that in late 2016, AAG settled in court over allegations of misrepresentation to their customers: having falsely told them that "consumers could not lose their home" and telling prospective customers that "they would have no monthly payments...and be able to pay off all debts." AAG was required to pay a civil penalty of $400,000.

Given the sensitive nature of the reverse mortgage process, especially for our nation's seniors, we were very discouraged to hear that AAG had such problems with false representation.

Despite having the highest number of reverse mortgage closings in the nation, we feel strongly that your experience will go much more smoothly with another lender in our review.

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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!

Are you thinking of getting a reverse mortgage? Who should consider one and who shouldn't

The reputation of reverse mortgages has had its ups and downs since they were first piloted by the Reagan administration. A financial tool that allows older people to tap home equity and age in place, ...

Published:  Wed, 12 Jun 2019 03:56:00 GMT



Detroit leads the nation in reverse mortgage foreclosures

Detroit leads the nation in reverse mortgage foreclosures Detroit has seen more reverse mortgage foreclosures than any other city. Three of the nation's top 10 ZIP codes for such foreclosures are in ...

Published:  Fri, 14 Jun 2019 05:26:00 GMT



Seniors face foreclosure after being sold risk-free retirement with reverse mortgages

In a stealth aftershock of the Great Recession, nearly 100,000 loans that allowed senior citizens to tap into their home equity have failed, blindsiding elderly borrowers and their families and ...

Published:  Wed, 12 Jun 2019 06:30:00 GMT



Reverse mortgages can cause problems when spouses, heirs aren't on board

Reverse mortgages can cause problems when spouses, heirs aren't on board Reverse mortgages are one option for seniors to access much-needed cash. But some Arizona homeowners have encountered problems. ...

Published:  Wed, 12 Jun 2019 11:06:00 GMT



USA Today Publishes Industry Op-Ed on Reverse Mortgage Report

A rebuttal to an investigative article released this week by USA Today has been published in the form of an editorial also released in the national news outlet, written by the Chief Executive Officer ...

Published:  Sun, 16 Jun 2019 11:24:00 GMT



How we investigated reverse mortgage foreclosures

USA TODAY had one simple question: Why are so many reverse mortgages held by seniors foreclosing and where are they happening? The answers were complex, driven by records from the U.S. Department of ...

Published:  Tue, 11 Jun 2019 19:23:00 GMT



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