Compare Reverse Mortgages

From lender details to consumer experience, we research everything you need to compare reverse mortgages and make a decision. Learn how our editors compare the different factors of reverse mortgages below.
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How we Compare Reverse Mortgages

Lender Details - 30%
Loans - 40%
Consumer Experience - 30%

Lender Details

There are three types of reverse mortgages: single purpose, proprietary, and federally insured. Single purpose reverse mortgages are small in scale and typically offered by non profit entities and municipal government lenders to lower income homeowners. Funds are used for things like home improvements or property taxes. Proprietary reverse mortgages are not federally insured and offered by private banks or other lenders. These types of reverse mortgages are not subject to the HECM upper loan limit, so they are usually for higher value homes. However, since these loans are not insured they tend to be more expensive.

The third type of reverse mortgage, and most ubiquitous with regard to our featured companies, is the federally-insured Home Equity Conversion Mortgages (HECMs). Lender details include the lender type, which can be a marketplace/broker/aggregator that offers multiple quotes from competing companies, or a direct lender such as a bank or credit union that issues the loan themselves. It is also important to consider the data regarding the present value of loan proceeds that are available to the borrower, and total number of loans issued by a given company for 2016. We also will be verifying the Nationwide Mortgage Licensing System ID (NMLS ID) and any and all regulatory actions taken against the reverse mortgage lender being reviewed. 

Reverse Mortgages with the Best Lender Details:

Loans

There are a great deal of factors to consider when assessing the breadth of options and features particular to a given company's reverse mortgage offerings. Firstly, there are different types of HECMs which can be used for different purposes. Loan types can include the traditional HECM, HECM refinance -- when you have an existing reverse mortgage but wish to refinance into another because of more favorable rates or home appreciation, or HECM for purchase, i.e. using a new reverse mortgage to buy a house. It is also important to consider the variety of ways reverse mortgage funds can be disbursed and which one works best for you. Additionally, different reverse mortgage lenders feature different fee structures. Relevant fees can include closing fees, origination fees, maintenance fee, and appraisal fee. Finally, it is essential to measure the actual terms of the loan. Items such as maximum home size, the minimum home equity allowed for qualification, and the starting fixed and variable rates.

Reverse Mortgages with the Best Loans:

Consumer Experience

In order to get an accurate picture of consumers' experience dealing with a particular company, we've taken a look at the Consumer Complaint Database. This database compiles over 700,000 complaints, on a range of consumer financial products and services. Complaints are then sent to nearly 3,000 companies, giving them the opportunity to respond. The Consumer Complaint Database doesn't verify all the facts alleged in these complaints, but they do take steps to confirm a commercial relationship between the consumer and the company. We also look at the company's site features and mobile app -- if they have one. Useful site features include reverse mortgage calculators, information kits, educational resources, online chat, etc. 

Reverse Mortgages with the Best Consumer Experience:

Full Reverse Mortgages Comparison

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Latest Reviews

Reviews help other customers make decisions. Share your experience with Reverse Mortgages
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Gene R
Palm Desert, California
6/21/2017
My wife and I had a great experience with All Reverse Mortgage and their crew. The loan representatives answered all of our questions and took away our fears of a reverse mortgage. The President Cliff Auerswald , was great to work with from day one. Our mortgage was handled quickly and professionally. We closed in less than 30 days and funds were transferred to our account in less than a week after closing. A great company to do business with. The Roberts Family

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Chet S
Fontana, California
6/18/2017
Jason Heyl with Good Day Reverse Mortgage was the loan agent on my original reverse mortgage in 2014 After talking to many other companies, Jason was able to offer the best rates and service. There were a couple of huge obstacles that nearly ended the loan process. My social security number was erroneously tied to a defaulted federal housing loan. Jason worked hard and helped me clear this identity mistake from my record so my application could be submitted. Then, the appraiser called for an electrical line to be moved and the electric company said it had been installed to code and refused to move the line. Neither would back down. After detailed communication by Jason with the underwriter, HUD, and the electric company, the line was moved and my loan was able to close. I came to Jason Heyl once again to refinance in 2017 because working with him on my original loan, he was around when needed, answered my questions right away and when things got rough he persevered. I felt like someone I trusted was going to bat for me. My loan to refinance closed recently and not only were all my fees paid but the rate I got was the best I have seen anywhere. These are just a few of the reasons I give Jason Heyl and Good Day Reverse Mortgage a full five star rating.

Richard K
6/14/2017
I recently became interested in reverse mortgage arrangements when I learned that start up fees and costs had been reduced to affordable ranges. I began inquiries on the internet and learned also that valuable consumer protections had also been put in place in recent years. I sought information and quotations from at least four top reverse mortgage providers and completed the required counseling sessions. Other reverse mortgage companies provided a great deal more information up front online about the rules and guidelines to reverse mortgages than did GoodDay Reverse Mortgage Co. And other companies apparently had been fully vetted in the Reverse Mortgage Business longer. GoodDay provided a competitive quotation that fit my needs for a reverse mortgage. When it came to answering questions I raised about the quotation or the rules or how the process works, Mr. Heyl of GoodDay Reverse Mortgage Co. was prompt, thorough and accurate in providing full answers to my questions, and taking prompt action to move the application process along. There was no hard sell or or delays from shuttering of my calls from one representative to another. The entire process from application to approval and funding the reverse mortgage was about 6 weeks. I think GoodDay Reverse Mortgage has done an excellent job of providing a safe, secure reverse mortgage package that will serve my needs for a long time. Richard Kalman [email protected] Berkeley, CA

Reviews help other customers make decisions. Share your experience with Reverse Mortgages