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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

Forbes: 5 Times to Beware a Reverse Mortgage

For those who are interested in opening a reverse mortgage, there are five specific scenarios when another solution might be a better idea, a recent Forbes column states. In her latest piece "5 Times ...

Published:  Thu, 18 Oct 2018 15:06:00 GMT



5 Times Reverse Mortgages Are A Bad Idea

Opinions expressed by Forbes Contributors are their own. Real Estate I break down real estate concepts for first-time homebuyers. Reverse mortgages, or loan programs for older individuals that allow t...

Published:  Mon, 15 Oct 2018 08:14:00 GMT



Kenneth R. Harney, New options open for homeowners seeking a reverse mortgage

WASHINGTON - You've probably seen actor Tom Selleck suavely pitching federally insured reverse mortgages on TV and thought, hmm, that sounds interesting. He says you can turn your home equity ...

Published:  Sat, 13 Oct 2018 02:00:00 GMT



Latest reverse mortgage data points to continued recovery

For the first time since the last year's reverse mortgage program changes kicked in, the HECM industry saw growth in both its retail and wholesale channels. According to the latest data from analytics ...

Published:  Thu, 18 Oct 2018 14:29:00 GMT



Be Careful About Putting Only One Spouse's Name on a Reverse Mortgage

A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse's name on a reverse mortgage. A federal appeals court has ruled that an insurance company may f...

Published:  Wed, 10 Oct 2018 09:13:00 GMT



Liz Weston: Should you pay off mortgage before you retire

Those who have substantial equity built up in their homes could consider a reverse mortgage, planners say. These loans can be used to pay off the existing mortgage, but no payments are required and th...

Published:  Sat, 20 Oct 2018 09:43:00 GMT



When is a Reverse Mortgage the Right Choice

PHOENIX--(BUSINESS WIRE)--Oct 10, 2018--With today's booming economy and rising home values, many seniors are considering a reverse mortgage to increase cash flow during retirement. Zillow reports tha...

Published:  Wed, 10 Oct 2018 08:30:00 GMT



11th Circuit Rejects Reverse Mortgage Foreclosure Statute-Based Defense

The Eleventh Circuit recently rejected a defense to foreclosure based on a federal statute governing insurance of reverse mortgages by the Department of Housing and Urban Development ("HUD" ). HUD admi...

Published:  Fri, 12 Oct 2018 13:20:00 GMT



Originators See Growing Reverse Mortgage Support from Adult Children

As adult children become less debt-adverse and more involved in their parents' finances, originators are noticing more receptivity and engagement from borrowers' children during the reverse mortgage l...

Published:  Sun, 14 Oct 2018 10:42:00 GMT




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