With the help of a reverse mortgage, an owner may convert a portion of their home's value into liquid funds from a financial institution. The lender may distribute the equity in a flat amount, over a fixed time, or on a monthly basis for as long as the borrower continues to live in the property. To qualify for an FHA loan, you must meet the agency's minimum age requirement of 62, utilize the house as your principal residence, do routine maintenance, pay your real estate taxes, and remain current on your homeowner's coverage premiums. If you've already made those installments, you're done making mortgage payments for the time being. Instead of you paying back the loan, you get compensation.

You and your husband are both 62 years of age, you have really no intentions to leave the house in your will, and you want to address a long-term issue by getting a reverse mortgage. Individuals who are currently struggling financially should avoid getting reverse mortgages since defaulting on the loan might result in the loss of their houses to foreclosure. We researched more than a dozen reverse mortgage lenders in depth to compile a list of the seven best options for you based on fees, simplicity of qualifying, geographic reach, turnaround time, quality of service, as well as reputation in the market.

The Best of What We Found

The most reliable reverse mortgage lenders explain the process in plain language, work quickly to close the loan and provide special assistance with the closing charges.

American Advisors Group

American Advisors Group is a prominent and well-known company in the reverse mortgage sector, and they provide a variety of products and a wealth of resources for homeowner education. When it comes to home equity conversion mortgage (HECM) loans, American Advisors Group (AAG) is your best option. Nearly 28% of all HECM loans completed in the United States in January 2022 were made by AAG, while the next largest volume lender closed less than ten percent. Since so many people have relied on AAG for their reverse mortgage requirements, this should reassure clients that their lender is looking out for their best interests.

Usually, homeowners may find a suitable loan option among AAG's HECM, HECM for Acquisition, and jumbo loan products. For homeowners who don't meet the requirements for a reverse mortgage but still want to save money, the firm provides mortgage refinancing. A reverse mortgage may be a great financial tool for some homeowners, and AAG wants to make certain they know all the ins and outs of this process by providing a free information pack and links to helpful websites. Homeowners may engage with a consultant to acquire more tailored data about their individual closing timeline, equity needs, fees, and incentives, which is not easily accessible online.

AAG is dedicated to assisting the elderly population and encourages its staff to volunteer with groups like Meals on Wheels. The AAG encourages its staff to give back to the neighborhoods they serve by volunteering during work hours, with the goal of reducing senior hunger and social isolation.

Longbridge Financial

Loans from Longbridge Financial will be closed in 40 days or less, guaranteed. Reverse mortgage information and identity theft protection services are provided at no cost to homeowners who have taken out a reverse mortgage. If you're a homeowner interested in learning more about reverse mortgages, Longbridge Financial is an excellent resource. Homeowners may get free informational kits in the mail after placing an order on the firm's website, where they can also discover helpful articles and videos. The firm's online chat function and mobile application make contacting customer support convenient, albeit users of chat may be directed to phone for more in-depth information.

Longbridge assures prospective borrowers that they will hear from them at least once every week throughout the loan application process. It's important to keep the consumer informed, so they don't feel confused or abandoned along the process. So that its clients don't have to wait too long, Longbridge promises to close its loans within forty days after obtaining the application and counseling certificate. When you become a Longbridge client, you are automatically enrolled in our no-cost identity theft protection service. This is a first for the industry and is especially important for the elderly, who are often victims of fraud. Retired & active-duty military personnel in the United States are honored with a $500 discount from the firm.

Reverse Mortgage Funding

When it comes to reverse mortgages, no one does it better than Reverse Mortgage Funding. The organization sends loan professionals to prospective clients' homes to teach them about the procedure and aid them with their app, which may benefit homeowners without mobility. To top it all off, RMF promises to maintain the reverse mortgage for the duration of the loan with the Client for Life Commitment. Mortgage loans may be sold or the servicing rights transferred to another entity without the borrower's permission. Reverse Mortgage Funding (RMF) offers seniors taking out a reverse mortgage on their home an extra layer of security by agreeing to service the debt.

With IMF's Price Match Plan, homeowners can be certain they are getting the best deal possible, regardless of where they shop. If the business can't make things right, they'll compensate the client with $1,000 in store credit. Consumers who choose RMF's jumbo loan could be entitled to reduced interest rates and also the Equity Elite ZERO lender incentive to aid pay closing expenses. According to RMF, the typical closing takes between 30 & 40 days, which is below average, and also the Veteran Discount Scheme provides $460 toward appraisal fees for borrowers with a connection to the United States military.

Liberty Reverse Mortgage

Liberty Reverse Mortgage provides reverse mortgages & mortgage refinance in 45 states & D.C. Liberty guarantees that it will match or beat the price of any of its rivals, or it will give the consumer a $100 Visa gift card. The homeowner may rest easy knowing they got the finest possible loan terms thanks to this assurance. If the closing procedure takes more than Sixty days, Liberty will reimburse you $500. The homebuyer may be certain that their loan will be complete on schedule; even if it does not, they won't have to pay as much in closing expenses.

Concluding Judgment

For homeowners all across the country who are interested in learning more about reverse mortgages, American Advisors Group is our top pick because of the firm's extensive resources and national availability. Our runner-up is Longbridge Financial due to its exceptional service of providing consumers with free identity theft safety.