A reverse mortgage is a kind of loan provided to homeowners aged about 62 years or more. By this, they can convert a part of their home equity into cash. The policy aimed to aid the aged populace to cope up with the home loans with a diminished income. As the retirees have to take care of monthly medical expenses apart from the monthly payments. Moreover, the further usage of a reverse mortgage is not limited. The term reverse mortgage looks pretty interesting as it is named inversely and unlike the traditional mortgage the lender is paying to the borrower. Until the home is evacuated or sold the reverse mortgage borrowers are not required to pay anything. However, the borrower must make the monthly payments towards the loan and update the property taxes, condominium fees, (if required) and insurance. If you are looking for some reverse mortgage lenders then here is the list.

Also Read: 16 Best Mortgage Companies In The World

Best 8 Reverse Mortgage Lenders

Reverse Mortgage Lenders

1. American Advisors Group (AAG)

Federal insurance backs the reverse mortgage loans offered by the American Advisors Group. Thousands of senior citizens opt to know more about the group and services offered. It is one of the most positively reviewed and top firms. It is the biggest Home Equity Conversion Mortgage in the terms of volume in the year 2014. About 95% of the reverse mortgage transaction takes place through this firm.

The firm has been licensed in all the 50 states along with the District of Columbia. They are into the business for more than a decade. Ensures 97% customer satisfaction as per the surveys conducted by the company. The Better Business Bureau (BBB) rates the company at A+. Though have a bit higher complain numbers in the last couple of years it is been quick to close them. In the consumer affairs of the company, there are about a lot of complaints recorded.

National Reverse Mortgage Lenders Association abides by the professional responsibility and code of ethics and AAG belongs to NRMLA. Being part of NRLMA the company must interact with the consumers in a lawful, ethical, and professional manner. Additionally, they must inform the benefits and costs that the consumer has to borne.

The AAG website is filled with videos and testimonials taken from the real clients. Moreover, the company’s blog has stories from real customers. Before choosing a company, check out the videos and testimonials and guidelines of NRLMA. Read through the FAQs posted on the website.

2. Generation Mortgage Company

Offers service in 48 states and is licensed to provide loans. It makes the service simple and easy to access irrespective of the place where you are put up. A dedicated customer service staff helps you find solutions to all your questions.

3. Live Well Financial

Live Well Financial once again is a top reviewed company and gets you through their reverse mortgage process. It helps you find out the eligibility criteria and what you may expect from their end once your proposal got approved. Online calculators are available to compare the available options and traditional mortgage service is also available.

4. Champion Mortgage

They make easy by giving you insights about the procedure and available service. Moreover, the toll-free number available enables you to speak with the customer care representative to resolve your queries. The FAQs also provide the required information.

5. Financial Freedom

With sophisticated technology in place, the firm provides you with an online account where you can easily login to find the desired data anytime. Some of the crucial forms are available online on their websites. If you find any difficulty, you can speak on their toll-free number.

6. Urban Financial of America

All the eligibility criteria and other data regarding the reverse mortgage procedure are available on the website. Further, the company offers various methods to communicate with the customer care to get answers for all your haunting questions. E-mail or toll-free numbers are some means to converse with the firm.

7. All Reverse Mortgage Company

The company exclusively provides reverse mortgage service. In other words, the representatives are focused on this to provide quality information and give you quick insights. It has carved a niche in the reverse mortgage industry by providing excellent customer commitment.

8. One Reverse Mortgage

Again the company specializes and provides reverse mortgage service. It leads the borrowers through each step. The licensed specialists make it easy to know the process if applying for the first time.

Tips To Choose A Best Reverse Mortgage Company

Before getting into all the procedure collect some of the educational materials about reverse mortgage lenders. Remember a company with best reviews and lot of numbers may not offer you the best deal. Shop around a bit before selecting one as the reverse mortgage loans vary considerably.

The Home Equity Conversion Mortgage is the only kind of reverse mortgage backed by Federal Housing Administration. However, the FHA protects the lenders but not the consumers. So, if you come across a lender using FHA approval to sell his service, then you may be misled as it is no advantage to the consumer rather it is beneficial to the lender. The premium of monthly mortgage insurance and up-front mortgage insurance remain the same for HECM loans irrespective of the lender. However, the third-party closing costs, origination fees, interest rates, and monthly service fee varies.

When you are borrowing not only the company matters but the specific loan officer whom you are interacting with will also account for your overall experience. Find out someone who have a lot of experience in the reverse mortgage, patient and can provide you with loads of data to enable you to take a right decision on time. Additionally, ensure the person do not pressure you to make you arrive at a decision hurriedly. The U.S. Department of Housing and Urban Development Lender list can provide you with a list of reliable list of reverse mortgage lenders. Finally, the more research you do beforehand helps you with optimized benefits in future. Do not hurry and settle on a shabby board.