![]() HomeSafe program not available nationwide.Reverse mortgage options available to those younger than 62.Reverse mortgage amounts are available up to $4 million, and there are loan options with no origination fees. To get more information about its reverse mortgage options, you can complete a questionnaire on the website or call to speak with a representative. Both of these products are available in a limited number of states. Additionally, FAR offers EquityAvail, a home equity product for homeowners 62 who do not qualify for a reverse mortgage but need lower monthly payments. Its HomeSafe program offers second-lien reverse mortgages for borrowers who want to keep their low rate but tap into more equity. Its website is more user-friendly than other reverse mortgage lenders and packed with helpful resources like videos and calculators. Others agree that the loan officers are quick to answer questions and make them feel comfortable through the process.Ī couple of complaints are directed toward the slow speed of the underwriting department.įinance of America Reverse (FAR) offers both government-backed and private reverse mortgages, which can help borrowers access more equity than the current HECM limits. Listened when I spoke, promptly gave me back the information I was looking for, and was pleasant,“ said a reviewer from Illinois. “ was an excellent teacher and easy to speak with. What reviewers say Many chose American Advisors Group because it was easy to work with and had reasonable rates. However, the company does state you’ll need to participate in reverse mortgage counseling and complete a financial assessment. AAG loan officers only specialize in reverse mortgage loans rather than a wide range of complex mortgage products.įull loan requirements are not available online you’ll need to contact the company or start an application to get those. After the initial six weeks, training is ongoing. It requires loan officers to take six weeks of comprehensive training before they can help customers. To make sure loan officers are fully equipped to help borrowers, the company has its own training department. The company provides a number of payout options, including a line of credit that can grow over time. Our pick for reverse mortgage refinancing: Liberty Reverse MortgageĪmerican Advisors Group offers a variety of reverse mortgages to help meet customers where they are.Our pick for easiest application process: Finance of America Reverse.Our pick for best loan officers: American Advisors Group. ![]() This does not affect our recommendations or evaluations but may impact the order in which companies appear. Note that our picks may be Authorized Partners who compensate us. You can read our full methodology to learn more about how we compared different lenders and chose our top picks. To make our top picks, the ConsumerAffairs Research Team vetted 14 reverse mortgage companies reviewed by more than 7,104 people in the last year. The best reverse mortgage lenders are available to borrowers with a range of credit scores and have several types of reverse mortgage options, competitive rates and multiple payout options. The most common reverse mortgage is a Home Equity Conversion Mortgage (HECM) which is backed by the federal government. It’s a loan that allows the borrower to access the value of the home, and the loan is repaid when the borrower no longer lives in the home. This website is not from HUD or FHA and was not approved by HUD or any government agency.A reverse mortgage can be a helpful way to supplement income for those who plan to age in place. ![]() For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. Whether such mortgage makes sense for you depends on your financial situation and needs. A reverse mortgage is a complex loan secured by your home. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans the FHA does not make or originate loans. Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government.
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