Best Reviews TopConsumerReviews.com Best Reverse Mortgages Best Reviews
Best Reviews
      June 18, 2019

Home  >  Reverse Mortgages  >  Lower My Bills Review

Best

Reverse Mortgages

  1. Liberty Home Equity
  2. LendingTree
  3. Finance of America
  4. Home Point Financial
  5. AAG
  6. Lower My Bills

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Mortgages: The Complete Guide Newsletter

Latest Reviews

Cruise Vacations

Dental insurance

Fruit Baskets

Government Grants

Learn to Read Programs

Menopause Relief

Online Fitness

Paid Surveys

Personal Trainers

Pet Meds

 

Individual Reviews

One Reverse Mortgage

Liberty Home Equity Solutions

LendingTree

Finance of America

Home Point Financial

American Advisors Group

Lower My Bills

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

Lower My Bills Review

To help you find the Best Reverse Mortgages, TopConsumerReviews.com provides you with an in-depth Lower My Bills Review.

To see ALL of our reviews for the Best Reverse Mortgages, please Click Here

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.

Continue reading below reviews

Best Reviews

2019

Reverse Mortgages

1.5 stars
Lower My Bills

LOWER MY BILLS Visit Site

Lower My Bills has loan products ranging from purchase and refinance to auto and personal loans. According to their site, an average of 5,000 reverse mortgages are funded each month - though they didn't specify whether that number reflects a nationwide average or just those loans that are funded through Lower My Bills.

In order to get any information about what you can borrow through this lender, you'll need to click on the "Get Started" button. There, you'll be expected to enter the typical personal details required by most lenders: name, address, approximate value of the home, phone number, and so forth.

Although Lower My Bills had an A+ rating with the Better Business Bureau at the time of our review, the BBB also had information regarding a government action against the company. While the case wasn't concluded at the time, the allegations stated that Lower My Bills' "business model is founded on luring, wrangling, and capturing consumers' personal and financial information, and then selling and trading the consumer's personal information to third parties". We would recommend that prospective clients exercise caution when deciding whether or not to fill out any forms with personal information while using the Lower My Bills site.

Because you have to fill out that form in order to find out anything about Lower My Bills' reverse mortgage program, there's no way to determine what fees are charged for closing or for loan origination, what the typical interest rate is, or even what kinds of loan products are available. There's also very little information provided to the customer regarding reverse mortgages - just three short paragraphs on the main page. In order to feel confident with Lower My Bills as a lender, there needs to be much more offered to the customer prior to submitting a quote request or any identifying information.

Visit Site

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!

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



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

The reputation of reverse mortgages has had its ups and downs since they were first piloted by the Reagan administration. A financial tool that allows older people to tap home equity and age in place, ...

Published:  Wed, 12 Jun 2019 03:56:00 GMT



A reverse mortgage can be a lifesaver

Congress established the Home Equity Conversion Mortgages program in the 1980s to allow seniors to stay in their homes without the burden of a monthly mortgage payment. Since then, more than 1 million ...

Published:  Thu, 13 Jun 2019 15:59:09 GMT



USA Today blasts reverse mortgages, industry fights back

Last week, USA Today released a scathing investigative story that took aim at reverse mortgages, blasting lenders for targeting impoverished, elderly homeowners and leading a substantial number of ...

Published:  Mon, 17 Jun 2019 13:24:00 GMT



North, South Memphis hit hard by reverse mortgage foreclosures

North, South Memphis hit hard by reverse mortgage foreclosures Majority black communities in North and South Memphis saw more than 130 foreclosures result from reverse mortgage loans, a USA TODAY ...

Published:  Mon, 17 Jun 2019 20:09:00 GMT



Reverse mortgages: Heirs can lose out when there's a reverse mortgage on a family home

Reverse mortgages: Heirs can lose out when there's a reverse mortgage on a family home Many reverse-mortgage borrowers think there will be money left over for their heirs when they die. Most are wrong ...

Published:  Wed, 12 Jun 2019 03:03:00 GMT



How we investigated reverse mortgage foreclosures

USA TODAY had one simple question: Why are so many reverse mortgages held by seniors foreclosing and where are they happening? The answers were complex, driven by records from the U.S. Department of ...

Published:  Tue, 11 Jun 2019 19:23:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure