Reverse mortgages are an excellent option for senior citizens who want to unlock the equity in their homes. Reverse mortgages offer seniors a way to access cash without selling their homes or taking out traditional loans. They provide financial flexibility, enabling seniors to age in place while still maintaining their lifestyles.
However, not all reverse mortgage companies are created equal. Choosing the right company to work with is crucial to ensuring a successful reverse mortgage experience. In this blog post, we’ll take a closer look at the top 5 reverse mortgage companies you can trust in 2023.
- American Advisors Group
American Advisors Group, or AAG, is one of the largest and most well-known reverse mortgage lenders in the country. With over 15 years of experience in the industry, AAG has helped thousands of seniors unlock the equity in their homes.
One of the things that sets AAG apart from other reverse mortgage companies is their commitment to customer service. AAG assigns each borrower a dedicated loan officer who will guide them through the entire reverse mortgage process. The company also offers a wide range of educational resources, including webinars and articles, to help seniors understand their options.
AAG offers several different types of reverse mortgages, including FHA-insured HECMs, jumbo reverse mortgages, and proprietary reverse mortgages. The company’s proprietary product, called AAG Advantage, is specifically designed for seniors with higher home values and offers higher loan limits than traditional HECMs.
- Finance of America Reverse
Finance of America Reverse, or FAR, is another top reverse mortgage lender with a reputation for excellent customer service. The company offers a variety of reverse mortgage products, including FHA-insured HECMs, jumbo reverse mortgages, and proprietary reverse mortgages.
One of the things that sets FAR apart from other reverse mortgage lenders is their commitment to transparency. FAR provides borrowers with a detailed breakdown of all the fees associated with their reverse mortgage, so there are no surprises down the line.
FAR also offers a variety of tools and resources to help seniors understand their options, including a reverse mortgage calculator and an online learning center.
- Reverse Mortgage Funding
Reverse Mortgage Funding, or RMF, is a top reverse mortgage lender with a reputation for innovative products and excellent customer service. The company offers a variety of reverse mortgage products, including FHA-insured HECMs, jumbo reverse mortgages, and proprietary reverse mortgages.
One of the things that sets RMF apart from other reverse mortgage lenders is their commitment to flexibility. RMF offers a variety of repayment options, including a line of credit that grows over time, which can provide seniors with financial security as they age.
RMF also offers a variety of educational resources, including webinars, videos, and articles, to help seniors understand their options and make informed decisions about their finances.
- One Reverse Mortgage
One Reverse Mortgage, a subsidiary of Quicken Loans, is a top reverse mortgage lender that offers a variety of products to suit different needs. The company offers FHA-insured HECMs, jumbo reverse mortgages, and proprietary reverse mortgages.
One Reverse Mortgage simplifies the reverse mortgage process, setting them apart from other lenders. Borrowers can complete a streamlined application process online and track their loan’s progress through an online portal.
One Reverse Mortgage provides educational resources, such as a blog and reverse mortgage guide, to help seniors make informed decisions.
- Liberty Reverse Mortgage
Liberty Reverse Mortgage is a top reverse mortgage lender with a reputation for excellent customer service and innovative products. The company offers a variety of reverse mortgage products, including FHA-insured HECMs, jumbo reverse mortgages, and proprietary reverse mortgages.
One Reverse Mortgage simplifies the process, setting them apart. Borrowers complete a streamlined application online and track their loan’s progress via an online portal.
Liberty Reverse Mortgage also offers a unique product called EquityIQ, which is specifically designed for seniors with high-value homes. EquityIQ allows borrowers to access up to $4 million in equity, with no mortgage insurance required.
Choosing the right reverse mortgage lender is crucial to ensuring a successful and stress-free reverse mortgage experience. These companies prioritize customer service, transparency, and innovation, making them trustworthy reverse mortgage lenders in 2023.
When considering a reverse mortgage, it’s important to do your research and compare the options available to you. Consider factors such as interest rates, fees, repayment options, and customer service when choosing a lender.
Ultimately, a reverse mortgage can be an excellent way for seniors to access the cash they need while maintaining their independence and quality of life. Therefore by working with a reputable lender, seniors can rest assured that they are making the right financial decision for their future.