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      July 10, 2020

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Reverse Mortgages

  1. Liberty Home Equity
  2. Finance of America
  3. Home Point Financial
  4. AAG
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LendingTree vs Finance of America

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

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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

4 stars
Finance of America

FINANCE OF AMERICA

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Unlike many reverse mortgage lenders, Finance of America does not start out with a heavy sales pitch. Instead, their website seeks to first educate and reassure prospective clients - both with their five-star average rating on TrustPilot and the clear, concise information presented on the main page.

We encourage you to take full advantage of all of the details given in the tabs at the top of the Finance of America page:

  • Optimizing Your Retirement: Buy a Home in Retirement, Stretch Retirement Savings, Sandwich Generation Finances, Unplanned Retirement
  • Easing Retirement Worries: Living Alone, Manage Healthcare Costs, Aging in Place
  • Diversifying Retirement Investments: Creative Investment Options, A Better Way to Retire
  • Caring for Loved Ones: Help Them Retire Better, Help Manage Healthcare Costs, Help Deal with Debt, Help Them Stay Independent

In order to find out more about Finance of America's reverse mortgage program, you'll either need to contact one of their specialists at their toll-free number or fill out the online form. This form isn't as obvious as their competitors' sites, but you'll usually be able to spot it at the bottom of one of the pages listed above. You'll be asked to provide basic information, such as your name and address, remaining mortgage balance (if any), and approximate worth of the home.

When we entered sample information for an average client with no mortgage balance, we were told we would qualify for a loan of approximately half of the equity in the home - slightly less than at least one of their competitors. There were no specifics offered with respect to closing costs, origination fees, and so forth, which we would have liked to see more transparently.

You should also be aware that Finance of America was only licensed in 43 states and Puerto Rico at the time of our review; you'll want to verify that your state of residence is included in their service area before submitting an application.

We were impressed with Finance of America's excellent reputation. Beginning with an A+ rating with the Better Business Bureau and continuing with dozens of positive reviews on the site, verified by TrustPilot, it's easy to see that Finance of America is a trustworthy resource when it comes to reverse mortgages. Clients described their experience as efficient, with professional and friendly experts who helped them feel secure throughout the entire loan process.

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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!

Hurricane fallout creates financial ruin for Puerto Rico's seniors with reverse mortgages

Reverse mortgages are failing at nearly double the U.S. national average in Puerto Rico, a problem magnified by natural disasters.

Published:  Thu, 02 Jul 2020 08:26:15 GMT



9 key benefits of a reverse mortgage

As one of the initial uses of a reverse mortgage, a borrower's original mortgage, if one exists, will be paid off in-full, therefore eliminating their monthly mortgage paymen ...

Published:  Thu, 25 Jun 2020 17:16:00 GMT



Foxx and Associates Announce New Reverse Mortgage Venture: Florida's Reverse Mortgage Center

Clearwater, FL, July 09, 2020 --(PR.com)-- Foxx and Associates have announced a new venture, Florida's Reverse Mortgage Center, a company created to educate and help seniors navigate the Reverse ...

Published:  Thu, 09 Jul 2020 00:11:00 GMT



Reverse Mortgage Counselors: Clients More Informed, Resources Strained During Pandemic

Reverse mortgage clients appear to be better-prepared for their counseling sessions regarding their understanding of the reverse mortgage product category, a potential sign that the industry itself is ...

Published:  Wed, 08 Jul 2020 14:54:00 GMT



Reverse Mortgages Continue to Evolve

With almost all new reverse mortgage loans backed by the federal government, Uncle Sam continues to wield his power to overhaul the Home Equity Conversion Mortgage, or HECM, program. The goal is to ...

Published:  Mon, 29 Jun 2020 10:47:00 GMT



Using a reverse mortgage as an exit strategy

All these changes, spurred on by the coronavirus pandemic, have many Canadians turning to alternative mortgage lenders. An important thing to consider is that alternative lenders usually offer rates ...

Published:  Tue, 07 Jul 2020 03:04:00 GMT



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