There are many benefits of acquiring a reverse mortgage, and the rates applied mainly depends on the product you choose. For example, it enables individuals to access cash through home equity. Therefore, borrowers do not need to sell their homes. The most common uses of reverse mortgages include paying unexpected expenses, maintaining a lifestyle, and payment of debts. Another benefit of these types of mortgages is that you will not be required to make monthly payments. Payment for the mortgages is only payable if the borrower sells their homes, moves out, or dies.
If you are looking for reverse mortgages, you will find many service providers in the country, and you may have a hard time when trying to choose the best that can meet your needs. Some of the key factors to consider when choosing a reverse mortgage lender are the applicable fees, customer service, and the products being offered by a particular company. The following is a list of some of the best reverse mortgage lenders:
1. Finance of America.
Some of the reasons why the organization stands out in the industry are the high volume of loans it offers, its focus to provide quality customer service, and some of its products cannot be found in any other financial institution. Over the years, Finance of America has focused on offering direct and personable customer service. It is rated as the second largest reverse mortgage lender in the United States.
It offers proprietary reverse mortgage for customers with properties that exceed the limit set by the Department of Housing and Urban Development. If the Federal Housing Administration has not approved your home, you can still get a reverse mortgage from the financial institution. Initially, the company was known as Urban Financial Group.
It has branches distributed in 43 states and is a member of the National Reverse Mortgage Lenders Association. One of the drawbacks for new customers is that the company’s website does not provide information about fees and rates applied to different products unless they give their personal data.
2. One Reverse Mortgage.
It is one of the reverse mortgage lenders in the country that have embraced a digital-friendly approach in their operations. The company is also a member of the National Reverse Mortgage Lenders Association and operates according to the ethical guidelines set by the industry body. It has been one of the most popular lenders for almost two decades now due to its exemplary customer service, transparency, and consumer resources. One Reverse Mortgage encourages borrowers to include their family members in meetings and group calls to help them make informed decisions.
Its website has several resources that customers can utilize to choose a reverse mortgage that suits their financial needs. Before you apply for a mortgage product, you can use an in-built reverse mortgage to help you get an accurate estimate of the potential payouts. If you are a first-time applicant, you can go through the step by step application process outlined on the company’s website.
Currently, it offers its services to residents of 47 states. The maximum payout from the organization is $4,000,000, and the applicable interest rate can be as low as 5.5%.
3. American Advisors Group.
It is one of the largest service providers in the country and has gained an excellent reputation over the years due to its reverse mortgages services. The organization has been operational for more than a decade now. American Advisors Group is accredited by the Better Business Bureau due to its focus to offer exceptional customer services to its clients and is approved by the relevant government bodies to offer reverse mortgage services.
It is one of the most active members of the National Reverse Mortgage Lenders Association and a recipient of prestigious awards in recognition of its efforts to improve the working environment of its employees. The company has loan officers who receive extensive training on issues such as customer service, program story, and rules applied to different products.
American Advisors Group has an entire department which is tasked with offering training to all employees. Employee training is a continuous process to ensure that loan officers are aware of the changing customer needs. Borrowers can get payouts of up to $4,000,000, and the applicable rates vary depending on a product. Some of the drawbacks of the service provider include lengthy processes and a lot of paperwork.
4. Liberty Home Equity Solutions.
The company started in 2013 as a small enterprise but has grown over the years to become one of the largest reverse mortgage providers in the country. It is a member of the National Reverse Mortgage Lenders Association. The transparency of operations and accessibility of its services makes the company one of the most popular service providers in the country.
Liberty Home Equity serves borrowers in all states except Utah. Other benefits of its services include speedy application processes and excellent customer service. You can also find numerous positive customer reviews about the organization on different online platforms. Its website contains detailed information about its services.
One of the drawbacks of Liberty Home Equity is that it has brokers who may not adhere to the company’s rules and regulations. However, customers are allowed to transact with the organization directly. The rates applied to different reverse mortgage products from the financial institution can be as low as 2%.
5. Longbridge Financial.
It is one of the largest lenders in the country. The company has always focused on developing customer-oriented policies in both lender counseling and lending services. Its operations are transparent, and its website visitors can find valuable information about its services and operations. Longbridge offers advisory services to its clients to help them make informed decisions about the best products for their needs.
Another fact that makes the lender unique is that all customers are entitled to free identity theft protection. It is certified by the relevant industry bodies due to its ethical processes. Customers can get payouts of up to $4,000,000. One of the drawbacks of Longbridge Financial is that it does not offer a line of credit payouts.