Top 5 Reverse Mortgage Lenders

How do you decide which reverse mortgage lender is the best one? To make this decision, you’ll need to look at the four main factors that determine what makes a good reverse mortgage lender, which are customer reviews, approval rate, average interest rate and cost of application. 

We’ve taken the time to review all of these four factors so you don’t have to. Let’s take a look at the top 5 reverse mortgage lenders in 2018, as determined by us here at Reverse Mortgage Guru!

Who Should Consider A Reverse Mortgage?

Some people don’t even realize they’re eligible for a reverse mortgage. The program is available to homeowners over the age of 62, with a home worth no more than $625,000. (The U.S. Department of Housing and Urban Development sets the upper limit.) 

Your house must also be paid off, which means no mortgage or payment obligations on the property at all—mortgage loans must be refinanced into one loan before your reverse mortgage can close, leaving you debt-free except for taxes and insurance. 

If you meet these requirements and are interested in learning more about how to take advantage of a reverse mortgage, contact your local HUD-approved housing counseling agency today!

What Are The Steps To Get A Reverse Mortgage?

The first step in the process is to contact a reverse mortgage lender. The lender will use your information and documents like income, credit scores, and home value to calculate how much you can borrow from the program. 

In addition, they will discuss payment options, the borrowing fee (called an origination fee), and your loan terms with you. 

The benefit of choosing a local reverse mortgage lender is that you'll have immediate access to support from experts who know the product well and are committed to helping you get the best rate. 

In fact, for most borrowers it's worth taking a bit of time to shop around for these lenders; when all's said and done you may save thousands of dollars on interest over time by choosing the right one.

When Can I Apply For A Reverse Mortgage?

There are a number of different ways to get a reverse mortgage, but the most common options are by applying online or by calling. 

As long as you qualify for a reverse mortgage, you can apply at any time of the day and there’s no need to wait until you’re retired. Since there’s no credit check involved, 

it doesn’t matter what your current credit score is or whether you have any debts (provided they haven’t been in default for more than three months). 

Reverse mortgages usually don't require an appraisal either. Some lenders may ask for one if your home is appraised below the estimate from their underwriter.

Tips To Qualify For A Loan (5 tips)

You must be 62 years or older to qualify for a reverse mortgage. If you are younger than 62, the only way you can get a reverse mortgage is if you have children under the age of 18 who will inherit your home when you pass away. 

In addition, many companies require that your mortgage is at least 50% paid off in order to qualify for a reverse mortgage. 

If your credit score isn’t stellar, you may also need to bring along an income stream like social security or pension checks. 

If these points do not apply to you then it is possible to qualify without these things being met. To find out what lenders can offer you a loan and whether or not they will require more information about yourself then check out our site for more information on available lenders and eligibility requirements.

Who Are The Best Lenders?

The best reverse mortgage lenders will not only meet the needs of you or your loved one but also understand the process and how to navigate the marketplace. 

The best lenders are local and national, private and non-profit, well known or little-known. In other words, these lenders have a competitive edge because they have a clear understanding of the reverse mortgage industry.