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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

Is the "śNew' Reverse Mortgage a Better Deal for Consumers

Recent changes to the reverse mortgage program have many lamenting the fact that fewer people will now qualify. And while a decline in profitability isn't exactly a win for the industry, there are some who have found a silver lining inside their ...

Published:  Mon, 16 Apr 2018 14:30:00 GMT



What's Happening With Reverse Mortgage-Backed Securities

Home equity conversion mortgage-backed securities supply took a bit of a dive in March 2018, dropping by over $200 million month-over-month. That's according to a new report by New View Advisors, "a financial services firm advising clients on capital ...

Published:  Mon, 16 Apr 2018 11:36:00 GMT



Fairway Independent Mortgage Corporation Manager Christine Jensen Earns Reverse Mortgage Designation

ARVADA, Colo., April 11, 2018 /PRNewswire/ -- Christine Jensen of Fairway Independent Mortgage Corporation has achieved the designation of Certified Reverse Mortgage Professional. Christine is one of just 153 individuals in the nation to hold this title ...

Published:  Wed, 11 Apr 2018 10:59:00 GMT



The Mortgage Professor: Finding the best deal on an HECM reverse mortgage

The best deal on a mortgage is usually defined in terms of the interest rate and origination fee charged the borrower. That was my approach in a previous column on the subject. I recently realized, however, that with reverse mortgages, it was more ...

Published:  Mon, 09 Apr 2018 22:17:00 GMT



Video: What Is A Reverse Mortgage And Can I Get One

Instead of paying your mortgage to the bank each month, wouldn't it be amazing if the bank paid you to live in your house instead That's how a reverse mortgage works. In our video above, watch Mortgage Advisor Casey Fleming describe the different ...

Published:  Thu, 19 Apr 2018 01:28:00 GMT



Reverse Mortgage Originators Name Their Favorite Educational Resources

When potential borrowers want to learn more about reverse mortgage products, many professionals look to their in-house resources, like company websites, to begin the education process. For Beth Paterson, executive vice president at Reverse Mortgages SIDAC ...

Published:  Tue, 17 Apr 2018 14:55:00 GMT



5 Top Alternatives to a Reverse Mortgage

If you're 62 or older, you may be able to convert the equity in your home into cash with a reverse mortgage. This loan lets you borrow against the equity in your home to get a fixed monthly payment or line of credit (or some combination of the two).

Published:  Tue, 10 Apr 2018 10:06:00 GMT



Reverse mortgages are a harder sell now

The millions of Americans who haven't saved enough money for retirement still have a potential safety net: their home equity. But recent changes to reverse mortgages mean seniors and their families may have tougher decisions to make. Reverse mortgages ...

Published:  Mon, 09 Apr 2018 01:05:00 GMT




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