Best reverse mortgage companies 2023
As Americans tire of paying higher prices at the pump, grocery store and elsewhere, many are looking for additional ways to cover their expenses. One option for senior homeowners is to evacuate. Reverse mortgage.
Oh Reverse mortgage There is a unique type of mortgage loan for older borrowers, typically 62 or older. These loans enable you to convert a portion of your home equity into cash. Taking out a reverse mortgage can provide a lifeline for anyone on a fixed income who wants to continue living in their home but needs extra cash to pay for living expenses.
Reverse mortgages can be funded in a variety of ways, including a one-time cash payment, an open line of credit or regular monthly payments. The most popular reverse mortgage is the Home Equity Conversion Mortgage (HECM), a government-backed reverse mortgage with a borrowing limit of up to $1,089,300. You will eventually have to pay off the debt when you move out. Typically, the borrower or their heirs repay the reverse mortgage with the proceeds from the sale of the home.
To help you explore your options, we divided the best reverse mortgage companies into several categories.
To see how much you’re eligible to withdraw, explore your reverse mortgage options here..
Best Reverse Mortgage Companies 2023
Here are our picks for the best reverse mortgage companies right now.
Best Overall: Fairway Independent Mortgage
Fairway Independent Mortgage is our pick for the best reverse mortgage lender in 2023. Although the company is smaller than many of its competitors, it has hundreds of local offices for personal support, strong customer reviews, an A+ Better Business Bureau (BBB) rating. Ratings, and competitive interest rates.
The company offers up to six options for receiving your income, including a lump sum payment, fixed monthly payments or a line of credit. If you have at least 50% equity in your homeYou can. Qualify for a reverse mortgage.. Contact Fairway to learn more about eligibility and your options.
Best for low interest rates: Longbridge
As with other types of loans, interest rates vary depending on the lender. Longbridge Financial consistently offers some of the lowest rates available in the reverse mortgage sector. According to its website, reverse mortgage rates typically come in just below fixed-rate mortgages.
Longbridge lowers the age requirement to 55 for its Jumbo Longbridge Platinum mortgage. If you’re thinking about downsizing, Longbridge also offers a HECM for Purchase Reverse Mortgage to help you purchase a new primary residence and reduce your out-of-pocket expenses. The Company provides extensive information and resources on its website, including a Reverse mortgage calculator and a FAQ page.
Best for Customer Service: America’s Treasure
Finance of America Reverse is one of the nation’s largest reverse mortgage lenders. But while many large corporations struggle to provide excellent customer service, that’s not the case with Finance of America Reverse. Lender adds. A+ BBB rating 4.2 With the classification of Trust Pilot.
A little-recognized element of customer service is providing resources so borrowers don’t have to call for service. Along these lines, the Finance of America Reverse website offers an informative blog, a mortgage calculator and an extensive FAQ page that answers questions relevant to each of its products.
Best Reviewed: American Advisors Group (AAG)
American Advisors Group (AAG) is another top reverse loan originator and for good reason. They deliver for their customers, who love to share their experiences. The company boasts more than 7,000 combined reviews on TrustPilot and the Better Business Bureau, with 4.6 ratings on both platforms.
AAG allows you to receive your funds in a number of ways, including a lump sum payment or line of credit. You can use the money to pay off your mortgage—a loan requirement—or for home maintenance. Home improvement or helping to accomplish an end.
Best for homeowners who need cash now: Fairway Independent Mortgage
Generally, the reverse mortgage application process takes 30 to 45 days. Remember, the Department of Housing and Urban Development (HUD) requests that you complete reverse mortgage counseling before you apply. You may need to be patient to receive your money.
Fairway Independent Mortgage is working to speed up its funding times, and the lender can close some loans in as little as 17 days. So if you need cash soon, the company may be worth considering. Still, it’s always wise to shop around and compare multiple loan offers to identify loans with the best balance of pricing, flexible funding and repayment terms, fees and other considerations. Use the table below to explore some of your best options in one place.
The bottom line
Getting a Reverse Mortgage Can help you access the cash you need, but It is not without risk. If you don’t live in your home as your primary residence, fail to maintain it or fall behind on required expenses like property taxes or HOA insurance, the lender can foreclose on your home. can
If you want to know more, you can talk to your current bank or credit union or get quotes from the lenders mentioned above. Comparing several reverse mortgage loan options can help you identify which one best meets your short-term and long-term needs.