Top Rated Reverse Mortgage Companies

If you're a senior citizen and own a home, you may be interested in a reverse mortgage to supplement your retirement income. But with so many companies offering this financial product, how do you know which ones are the best? In this article, we'll provide a rundown of the top rated reverse mortgage companies based on customer satisfaction, interest rates, and fees.

1. American Advisors Group (AAG)

AAG has been in business for over a decade and has an A+ rating from the Better Business Bureau. They offer both government-insured and proprietary reverse mortgage products, and their website has a lot of helpful information and resources for seniors.

2. Reverse Mortgage Funding LLC

Reverse Mortgage Funding LLC has an A+ rating from the Better Business Bureau and offers a variety of reverse mortgage products, including jumbo loans for high-value homes. They also have a knowledgeable and responsive customer service team.

3. Finance of America Reverse LLC

Finance of America Reverse LLC is a subsidiary of Finance of America Holdings LLC, which has been in business for over 30 years. They offer both government-insured and proprietary reverse mortgage products, and their website has a lot of helpful tools and resources.

4. Liberty Home Equity Solutions

Liberty Home Equity Solutions is a subsidiary of Ocwen Financial Corporation and has an A+ rating from the Better Business Bureau. They offer both government-insured and proprietary reverse mortgage products, and their website has a lot of helpful information for seniors.

5. One Reverse Mortgage LLC

One Reverse Mortgage LLC is a subsidiary of Quicken Loans and has an A+ rating from the Better Business Bureau. They offer government-insured reverse mortgage products and have a user-friendly website with a lot of helpful resources.

6. Longbridge Financial LLC

Longbridge Financial LLC has been in business for over a decade and has an A+ rating from the Better Business Bureau. They offer both government-insured and proprietary reverse mortgage products, and their website has a lot of helpful information and tools for seniors.

7. Reverse Mortgage Solutions Inc.

Reverse Mortgage Solutions Inc. is a subsidiary of Mortgage Assets Management LLC and has been in business for over a decade. They offer government-insured reverse mortgage products and have a knowledgeable and responsive customer service team.

8. All Reverse Mortgage Inc.

All Reverse Mortgage Inc. has been in business for over 15 years and has an A+ rating from the Better Business Bureau. They offer government-insured reverse mortgage products and have a user-friendly website with a lot of helpful resources.

9. Live Well Financial Inc.

Live Well Financial Inc. has been in business for over a decade and has an A+ rating from the Better Business Bureau. They offer both government-insured and proprietary reverse mortgage products, and their website has a lot of helpful information and tools for seniors.

10. Reverse Mortgage USA Inc.

Reverse Mortgage USA Inc. has been in business for over a decade and has an A+ rating from the Better Business Bureau. They offer government-insured reverse mortgage products and have a knowledgeable and responsive customer service team.

FAQ

What is a reverse mortgage?

A reverse mortgage is a type of home loan that allows seniors to convert a portion of their home equity into cash. The loan does not have to be repaid until the borrower moves out of the home or passes away.

What are the eligibility requirements for a reverse mortgage?

To be eligible for a reverse mortgage, you must be at least 62 years old, own your home outright or have a low mortgage balance, and live in the home as your primary residence.

What are the fees associated with a reverse mortgage?

The fees associated with a reverse mortgage may include an origination fee, closing costs, mortgage insurance premiums, and servicing fees. These fees can vary depending on the lender and the type of reverse mortgage product.

How much money can I get from a reverse mortgage?

The amount of money you can get from a reverse mortgage depends on several factors, including your age, the value of your home, and the interest rates offered by the lender. Generally, the older you are and the more valuable your home is, the more money you can get.

Will I still own my home if I get a reverse mortgage?

Yes, you will still own your home if you get a reverse mortgage. However, you will be required to maintain the property and pay property taxes and homeowners insurance.

Can I lose my home if I get a reverse mortgage?

Yes, you can lose your home if you get a reverse mortgage if you fail to meet the loan obligations, such as maintaining the property and paying property taxes and homeowners insurance.

Can I use the money from a reverse mortgage for anything?

Yes, you can use the money from a reverse mortgage for anything you want, such as paying off debt, covering medical expenses, or taking a vacation.

How does a reverse mortgage affect my heirs?

If you pass away and the loan balance is higher than the value of the home, your heirs may have to sell the home to repay the loan. However, if the loan balance is less than the value of the home, your heirs can keep the home and pay off the loan.

Pros

Some of the pros of a reverse mortgage include:

Supplementing retirement income
No monthly mortgage payments required
Flexible payment options
Tax-free funds
Does not affect Social Security or Medicare benefits

Tips

Before getting a reverse mortgage, consider the following tips:

Research multiple lenders to find the best interest rates and fees
Understand the loan terms and repayment requirements
Consult with a financial advisor or housing counselor
Consider other options for supplementing retirement income

Summary

If you're a senior citizen and own a home, a reverse mortgage can be a good way to supplement your retirement income. However, it's important to research multiple lenders and understand the loan terms and repayment requirements before making a decision.

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