Top 5 Best Rated Reverse Mortgage Companies
Reverse mortgages can be a great financial tool for seniors who need to supplement their retirement income. However, it can be difficult to navigate the many options available. To help you make an informed decision, we’ve compiled a list of the top 5 best rated reverse mortgage companies.
1. American Advisors Group
American Advisors Group is one of the largest and most well-known reverse mortgage lenders in the country. They offer a variety of loan options and have a strong reputation for customer service.
2. One Reverse Mortgage
One Reverse Mortgage is a subsidiary of Quicken Loans and specializes solely in reverse mortgages. They offer competitive rates and a streamlined application process.
3. Finance of America Reverse
Finance of America Reverse is one of the fastest-growing reverse mortgage lenders in the country. They offer a variety of loan options and have a strong focus on education and transparency.
4. Liberty Home Equity Solutions
Liberty Home Equity Solutions is a subsidiary of Ocwen Financial Corporation and has been in the reverse mortgage business for over a decade. They offer a variety of loan options and have a strong reputation for customer service.
5. Reverse Mortgage Funding
Reverse Mortgage Funding is one of the largest reverse mortgage lenders in the country. They offer a variety of loan options and have a strong focus on education and customer service.
Frequently Asked Questions
1. What is a reverse mortgage?
A reverse mortgage is a loan that allows homeowners aged 62 or older to convert some of their home equity into cash. The loan is repaid when the borrower sells the home, moves out or passes away.
2. How much can I borrow with a reverse mortgage?
The amount you can borrow with a reverse mortgage depends on several factors, including your age, the value of your home, and current interest rates.
3. Do I have to make monthly payments on a reverse mortgage?
No, you do not have to make monthly payments on a reverse mortgage. The loan is repaid when the borrower sells the home, moves out or passes away.
4. Will I owe more than my home is worth with a reverse mortgage?
No, you will not owe more than your home is worth with a reverse mortgage. The loan is insured by the Federal Housing Administration (FHA), which means that the borrower (or their heirs) will never owe more than the value of the home.
5. How do I know if a reverse mortgage is right for me?
It’s important to weigh the pros and cons of a reverse mortgage and talk to a financial advisor before making a decision. A reverse mortgage can be a great financial tool for some seniors, but it’s not right for everyone.
6. Can I lose my home with a reverse mortgage?
No, you cannot lose your home with a reverse mortgage as long as you continue to live in the home and meet the loan requirements (such as paying property taxes and homeowners insurance).
7. What happens to the loan if I pass away?
If you pass away, your heirs will have the option to repay the loan and keep the home or sell the home and use the proceeds to repay the loan.
8. Can I use the funds from a reverse mortgage for any purpose?
Yes, you can use the funds from a reverse mortgage for any purpose, such as paying for healthcare expenses, home repairs, or travel.
Pros of a Reverse Mortgage
- Can provide supplemental retirement income
- Can be used to pay off debt
- Can be used to pay for healthcare expenses
- Can be used to make home repairs or modifications
Tips for Choosing a Reverse Mortgage Company
- Choose a lender with a strong reputation for customer service
- Compare rates and fees from multiple lenders
- Look for a lender that offers a variety of loan options
- Ask for references and read reviews from other customers
Summary
Choosing the right reverse mortgage company can be a daunting task, but by doing your research and comparing options, you can find a lender that meets your needs. Keep in mind that a reverse mortgage can be a great financial tool for some seniors, but it’s important to weigh the pros and cons and talk to a financial advisor before making a decision.
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