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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 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

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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4 stars
Finance of America

FINANCE OF AMERICA Visit Site

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!

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

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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



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