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Reverse Mortgages

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ONE REVERSE MORTGAGE

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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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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LENDINGTREE

LendingTree is not a reverse mortgage lender; instead, they use your information to match you with other lenders in their network. Their process is simple, and they work with a wide variety of lenders. LendingTree is a very good option for those people interested in a Reverse Mortgage.

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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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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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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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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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Reverse Mortgages

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.

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!



Reverse Mortgages In The News

Reverse mortgages were supposed to help the elderly. For some, it destroyed their retirements.

Dec. 07--THIS IS PART ONE IN A TWO-PART SERIES ON REVERSE MORTGAGES. READ PART TWO HERE. Mamie Rose wanted her last years to be simple. She was already in her 80s. She bought her Northside home 40 ...

Published:  Fri, 07 Dec 2018 07:45:00 GMT



A Brief History Of Reverse Mortgages In The United States

Reverse mortgages have a relatively short history in the United States, beginning in a bank in Maine in 1961. The 1987 Housing and Community Development Act saw the federal government systemize revers...

Published:  Thu, 29 Nov 2018 10:05:00 GMT



Reverse mortgage securities fall to 4-year low

The latest data on HECM-backed securities reveals that issuance fell in November to $521 million, hitting the lowest level in four years. According to a report from New View Advisors, only 84 pools we...

Published:  Thu, 06 Dec 2018 13:57:00 GMT



Reverse Mortgage Market Sees Sharp Uptick in Jumbo Interest

Proprietary reverse mortgages appear to be increasing in their overall prevalence within the larger market, according to data shared with RMD by both reverse mortgage originators and counseling partic...

Published:  Mon, 03 Dec 2018 14:43:00 GMT



Solano Real Estate Scene: Reverse mortgages can benefit for seniors

A home equity conversion mortgage is no longer only being used by seniors as a last resort or out of desperation. Yes, a reverse mortgage can be a huge benefit for a senior to supplement their low inc...

Published:  Sat, 08 Dec 2018 05:29:00 GMT




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