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American Senior Reverse Mortgage Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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American Senior is a mortgage broker and direct lender licensed in 19 states. Based in California and founded in 2007, the company offers FHA, VA, USDA, 203K, Conventional, Jumbo, Streamline Refinance, and specializes in Reverse Mortgages.

 

Texas Consumers: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

 

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

 
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How is American Senior rated?

Breakdown

4.5/5
Transparency & Reputation
4.3/5
Loan Options
4.3/5
Availability

Overall Rating: 4.4 / 5 (Excellent)

American Senior offers all of the standard loans we've come to expect from a reverse mortgage lender. In addition to straight HECM loans, the company also offers other flexible loan products such as FHA and VA loans. Their reverse mortgage is a good option for customers 62 and over who want to take advantage of a speedy, paperless, online loan process and automated underwriting. The company can expedite processing and close loans quicker than many other organizations.

The company is licensed to do business 19 states (with more anticipated). Customer feedback is generally positive across sites such as Yelp and Zillow, though there are few reviews on the BBB or Trustpilot. Clients routinely cite ease of interaction and knowledgeable staff.

Transparency & Reputation

Lender Type
Lender
Nationwide Mortgage Licensing System ID
7147
Nationwide Mortgage Regulatory Actions
2

Transparency & Reputation - 4.5 / 5

American Senior's website is more informative than most. It clearly discloses the company's borrower, financial, and property requirements, its pay-out plans, the borrower's obligations, the factors that affect how much a reverse mortgage can be written for, and the borrower's costs. It also clearly discloses the company's ownership--something very, very rare in the reverse mortgage business. As such, the company gets high marks for transparency from us.

There isn't much information available online about American Senior's reputation among its customers. There is a bare handful of mixed BBB reviews and no comments about the company on Trustpilot as of this writing.

The company was sued several years ago by the state of Washington. The matter involved allegations that the company had made false or deceptive statements in relation to the conditions for a mortgage loan and had engaged in false, misleading or deceptive advertising. The case was resolved in 2018 upon payment of a substantial fine but without any admission of guilt or findings of violations of law.

American Senior Loans

Loan Types
HECM Traditional
Payout Options
Monthly Payments
Line of Credit
Maximum Loan Size
$0

Loan Options - 4.3 / 5

American Senior offers HECM mortgages that are insured by the FHA.

American Senior Availability

Total Consumer Financial Protection Bureau Complaints
4
BBB Rating
A
Number of BBB Positive Reviews
1
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
1
TrustPilot Rating
3.7 out of 5
Date Collected
2020-05-15

Availability - 4.3 / 5

Reverse mortgages are available to people 62 years of age or older. They must own their property outright or have paid-down a sizeable amount of their mortgage. Applicants are required to occupy the property as their principal residence, to not be delinquent on any federal debt, and to have the financial resources required to make timely payment of ongoing property charges such as property taxes, insurance and HOA fees, etc. In order to close, applicants must participate in a consumer information session given by a HUD- approved HECM counselor.

Contact & Additional Info

Homepage URL
https://americansenior.com
Company Phone
(866) 714-2040
Headquarters Address
2030 Main St. #350, Irvine, CA, 92614
Year Founded
2007

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