Over the past 12 months many people have taken out a reverse mortgage. Studies show that many of the bigger banks are not really “selling” the reverse mortgage so if you have done your research and are in the market, you may have to contact some financial companies that you have not heard of.
Here is a list of top reverse mortgages companies and some tips to help you choose the business that best suits your needs.
4 of the Top Reverse Mortgage companies
- American Advisors Group
- Security 1 Lending
- One Reverse Mortgage
- Liberty Home Equity Solutions
AAG – or the American Advisors Group is 1st on the list of top reverse mortgage companies. The AAG is located in the Orange County in California. The AAG was one of the biggest lenders according to studies. The home equity conversion mortgage or HECM is the most sort after of the three types of reverse mortgages.
The AAG has an A+ rating with the Better Business Bureau. Before using any company for your reverse mortgage, do your research.
The AAG is a licensed business in 50 states and belongs to the National Reverse Mortgage Lenders Association. If you have not heard of the NRMLA, they have a code of ethics and professional responsibility that they must follow. What does this mean for you? It means that they have a responsibility to their lenders and must follow this, giving you the best care because they are responsible for you. One of their responsibilities is they should explain in detail both the benefits of a reverse mortgage and also the total costs.
The website for the AAG has testimonies written by clients who are very happy with the company. If you are wanting to use this company, have a look at their website, do your research and discuss it if you have any questions. This is the best way to make your decision and don’t make your decision until you have looked into all the different companies, this way you can chose which one suits your needs best.
Security 1 Lending. The Security 1 Lending Company is the 2nd largest HECM lender and also 2nd on the of top reverse mortgage companies. Their headquarters in in San Diego and is licensed in 40 states. They have branches where you can make an appointment and sit down to talk to a consultant. They also have a website you can have a look at and read about their terms. They also have an information packet you can request.
One Reverse Mortgage. This is the 3rd on the list of top reverse mortgage companies and largest HECM also based in San Diego. This company is an online lender. This company is a great company if you are computer savvy and happy to use the internet and telephone and doing the whole process by internet. You may need to meet a consultant, usually at the end of the process. The fees and interests rates may be lower, but it still pays to shop around for the best deal for you. One Reverse Mortgage has been around since 2001 and is licensed in every state and operates in 47 states. The website has stated that they have 100% satisfaction and that all their customers would recommend them.
Liberty Home Equity Solutions – this company is listed as the 4th largest company of the top reverse mortgage companies and they are based in Sacramento. The company has funded over 40,000 reverse mortgages so numbers show success. Liberty also have a website and can supply an information pack which means that you will have some different information to go over and make an informed decision. This company also has a consumer guarantee for fair prices that will match or beat their competitors.
The Final Decisions
Make sure that you get as much information as you can so that you can make an informed decision. Research is the key. Research all of the top reverse mortgage companies so that you have information to make your decision. Also ask questions. If the company you ask is not forthcoming with answers or is helpful, then maybe this is what it will be as you go through the process, so make your decisions on what works for you, what costs your happy with and how helpful and supportive they and then you should be successful. There are many websites and places that you can do your research to decide the company that will work for you, don’t be afraid to ask questions, even if you feel that they may be a silly one, if you want to know the answer, then it is not a silly question. Be sure to work with someone who is experienced in reverse mortgages so that you can be happy with their service.