Home : Business & Finance : 4 Popular Reverse Mortgage Lenders

4 popular reverse mortgage lenders

4 popular reverse mortgage lenders

Owning a home can help homeowners build equity as property values appreciate. With this, retired individuals or those nearing retirement can use the home’s equity to borrow tax-free cash from reliable lenders. This process can be done by applying for a reverse mortgage, a loan available to senior homeowners, particularly those aged 62 and older. This loan type includes a lender that provides funds to borrowers in the form of monthly installments or a one-time lump-sum payment.

Mutual of Omaha

This renowned insurance company offers reverse mortgages in addition to other financial products. It offers four primary options for reverse mortgages, namely Standard Home Equity Conversion Mortgage ( HECM) reverse mortgage, HECM for purchase, HomeSafe reverse mortgage, and refinancing options. The loan options are helpful for seniors who are looking to supplement their retirement income. 

Mutual of Omaha is a long-standing financial organization that specializes in providing seniors with long-term solutions. It also offers the SecureEquity option, specifically designed for borrowers with high-value properties. This option allows homeowners to borrow amounts higher than the FHA (Federal Housing Administration) limits, use the amount to pay an existing mortgage, or choose to receive the amount by maintaining a line of credit or receiving funds as a lump sum. Homeowners aged 55 or older can apply for the SecureEquity reverse mortgage.

Liberty Reverse Mortgage

Liberty Reverse Mortgage is a direct lender of reverse mortgages and offers standard HECM, HECM for purchase, and refinancing options. A standard reverse mortgage, or HECM, allows homeowners to access a portion of their home’s equity without making monthly mortgage payments. Those who want to move to a different home can use the proceeds from the HECM for the purchase option. 

One of the reasons to choose Liberty is that it does not charge an upfront fee or a monthly servicing fee. To get a quote, homeowners must submit a reverse mortgage enquiry and ensure their credit score is between 600 and 620 to qualify. 

Liberty is also known for its customer service. The company’s representatives are available to help homeowners with the application process and also help them identify the right reverse mortgage for them. Senior applicants can request that a notary be sent to their location to complete the paperwork and notarize all necessary documents.

Finance of America Reverse

Finance of America Reverse (FAR) offers both private and government-backed reverse mortgages. Its packages are designed to suit different types of borrowers. The lender offers the Home Equity Conversion Mortgage (HECM), HomeSafe, and other options that allow borrowers to borrow more than their current equity. However, borrowers must have a minimum credit score of 620 in order to qualify for their loan options. Moreover, FAR has a user-friendly website that makes it easier for seniors to navigate and apply for loans. The site also lists useful resources in the form of calculators and videos to help them understand the specifics of the loan.

Homeowners aged 55+ can opt for the HomeSafe program, after checking its availability in their area, if they want to maintain a low repayment rate but want to tap into additional equity. With HomeSafe, senior homeowners can opt for second-lien reverse mortgages. The lender also offers EquityAvail to homeowners who do not qualify for a reverse mortgage but want to lower their monthly payments. 

The company focuses on low fees, transparency, and high-quality customer service, and also offers a fast-track application process for applicants who need quick, secure funding. Moreover, the provider offers some of the most competitive rates among reverse mortgage lenders, making them a popular choice.

Longbridge Financial

Longbridge Financial is an FHA-approved reverse mortgage lender committed to ethical lending practices. It offers standard HECM loans for homeowners aged 62 or above. These standard HECM loans come with flexibility in disbursement plans, which allows borrowers to have the loan amount disbursed according to their chosen plans. The company also offers refinancing options for borrowers who want to refinance their existing home loans and reverse mortgages. One of their reverse mortgage plans, Longbridge Platinum, offers up to $4 million in loan amount and can be applied for by homeowners as young as 55 years. The Platinum plan is available in three options, namely Platinum Fixed, Platinum Line of Credit, and Platinum Preserve. The plans offer large upfront cash needs that can be received as a lump-sum payout, flexible access to funds with upfront cash and reusable LOC, and legacy planning with cash that allows preserving 10-40% equity, respectively.

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