While reverse mortgages have been around for decades, there are now more options and more competition among lenders. In this article, we'll take a look at some of the best reverse mortgage companies of 2023, based on factors like interest rates, fees, customer service, and overall reputation.
- American Advisors Group (AAG)
AAG is one of the largest and most well-known reverse mortgage lenders in the country. They have an A+ rating with the Better Business Bureau and have received numerous awards for their customer service. AAG offers both fixed and adjustable-rate reverse mortgages, and they have a variety of payment options. They also offer a proprietary reverse mortgage called "AAG Advantage," which allows homeowners with higher-value homes to borrow more than the FHA limit.
One thing to keep in mind with AAG is that their interest rates and fees can be higher than some other lenders. However, they do offer a variety of educational resources and tools to help you understand the loan and make an informed decision.
- Reverse Mortgage Funding LLC
Reverse Mortgage Funding is another top-rated lender, with an A+ rating from the Better Business Bureau. They offer both government-insured and proprietary reverse mortgages, with a variety of payment options. They also have a program called "Equity Elite," which allows homeowners to borrow more than the FHA limit, with no mortgage insurance premium.
One thing to note with Reverse Mortgage Funding is that they may require a higher credit score than some other lenders. They also have a slightly longer application process, which can be a drawback if you need the funds quickly.
- Finance of America Reverse LLC
Finance of America Reverse (FAR) is a relatively new player in the reverse mortgage industry, but they have quickly become a top-rated lender. They have an A+ rating from the Better Business Bureau and offer both government-insured and proprietary reverse mortgages. They also have a program called "HomeSafe," which allows homeowners with higher-value homes to borrow more than the FHA limit.
One advantage of FAR is that they have a streamlined application process, which can make it faster and easier to get your loan approved. However, they may have slightly higher fees than some other lenders.
- One Reverse Mortgage LLC
One Reverse Mortgage is a subsidiary of Quicken Loans, one of the largest mortgage lenders in the country. They offer both government-insured and proprietary reverse mortgages, with a variety of payment options. One Reverse Mortgage has received high marks for their customer service and educational resources.
One thing to note with One Reverse Mortgage is that they may have slightly higher fees than some other lenders. They also require that borrowers have a minimum credit score of 640.
- Liberty Home Equity Solutions
Liberty Home Equity Solutions is another top-rated reverse mortgage lender, with an A+ rating from the Better Business Bureau. They offer both government-insured and proprietary reverse mortgages, with a variety of payment options. Liberty has received high marks for their customer service and their willingness to work with borrowers to find the best solution for their needs.
One thing to note with Liberty is that they may have slightly higher fees than some other lenders. They also require that borrowers have a minimum credit score of 620.
Choosing the best reverse mortgage company for your needs can be a daunting task. There are many factors to consider, from interest rates and fees to customer service and educational resources. However, by considering the options listed above, you can make an informed decision about which lender is the right fit for you.
It's important to remember that a reverse mortgage is not for everyone. While it can provide a valuable source of income for seniors, it does come with some risks and drawbacks. For example, you may be required to pay fees and interest, and your heirs may have to sell the home to pay off the loan after you pass away.
If you do decide to pursue a reverse mortgage, it's important to do your research and choose a reputable lender. Look for a lender with a good reputation, high ratings from organizations like the Better Business Bureau, and a willingness to work with you to find the best solution for your needs. You should also be sure to read the fine print carefully, and ask questions about any fees or requirements that you don't understand.
Overall, a reverse mortgage can be a valuable tool for seniors looking to supplement their income in retirement. By choosing a reputable lender and making an informed decision, you can ensure that you are getting the best possible terms and that you are able to enjoy the benefits of your home equity for years to come.