If you’re a senior citizen looking to tap into your home’s equity, a reverse mortgage may be a good option for you. Here are some of the top reverse mortgage companies with high ratings:
1. American Advisors Group (AAG)
AAG is one of the largest reverse mortgage lenders in the United States. They offer a variety of reverse mortgage options, including fixed-rate and adjustable-rate mortgages, as well as a proprietary jumbo reverse mortgage for high-value homes. AAG has an A+ rating with the Better Business Bureau (BBB) and is a member of the National Reverse Mortgage Lenders Association (NRMLA).
2. Reverse Mortgage Funding (RMF)
RMF is a top reverse mortgage lender that offers a variety of reverse mortgage products, including the Home Equity Conversion Mortgage (HECM), jumbo reverse mortgages, and the HECM for Purchase program. They also offer a unique product called the Equity Elite, which is designed for high-value homes. RMF has an A+ rating with the BBB and is a member of the NRMLA.
3. Finance of America Reverse (FAR)
FAR is a leading reverse mortgage lender that offers a variety of reverse mortgage products, including the HECM, jumbo reverse mortgages, and the HECM for Purchase program. They also offer a proprietary product called HomeSafe, which allows borrowers to access up to $4 million in home equity. FAR has an A+ rating with the BBB and is a member of the NRMLA.
4. Liberty Reverse Mortgage
Liberty Reverse Mortgage is a well-known reverse mortgage lender that offers a variety of reverse mortgage products, including the HECM, jumbo reverse mortgages, and the HECM for Purchase program. They also offer a unique product called the EquityIQ, which is designed for borrowers with higher home values. Liberty Reverse Mortgage has an A+ rating with the BBB and is a member of the NRMLA.
5. One Reverse Mortgage
One Reverse Mortgage is a reverse mortgage lender that offers the HECM, jumbo reverse mortgages, and the HECM for Purchase program. They also offer a proprietary product called the Home Equity Loan Optimizer (HELO), which allows borrowers to access up to $4 million in home equity. One Reverse Mortgage has an A+ rating with the BBB and is a member of the NRMLA.
Conclusion
If you’re considering a reverse mortgage, it’s important to do your research and find a reputable lender with high ratings. The companies listed above are some of the top reverse mortgage lenders in the industry and have been recognized for their high levels of customer service and expertise in the field. Make sure to compare rates and terms from different lenders to find the best option for your financial situation.
FAQs
- What is a reverse mortgage?
A reverse mortgage is a type of home loan that allows senior citizens to access their home’s equity without having to sell their home or make monthly mortgage payments. Instead, the loan is repaid when the borrower moves out of the home or passes away.
- What are the benefits of a reverse mortgage?
The benefits of a reverse mortgage include access to cash for living expenses or other financial needs, the ability to stay in your home, and no monthly mortgage payments.
- Who is eligible for a reverse mortgage?
To be eligible for a reverse mortgage, you must be 62 years of age or older, own your home outright or have a significant amount of equity, and live in the home as your primary residence.
- Are there any downsides to a reverse mortgage?
Some potential downsides of a reverse mortgage include higher fees and interest rates, a reduction in the amount of equity in your home over time, and the possibility of the loan balance exceeding the value of your home.
- How do I choose the right reverse mortgage lender?
When choosing a reverse mortgage lender, it’s important to research the company’s reputation, customer service, and expertise in the field. Look for lenders with high ratings from organizations like the Better Business Bureau and the National Reverse Mortgage Lenders Association, and compare rates and terms from different lenders to find the best option for your financial situation.