We can all benefit from some additional cash flow – especially in retirement years. Whether you wish to keep more money on hand for everyday expenses, consolidate credit card balances or other debts, make long-desired home modifications, or even establish a line of credit for future expenses – there is no shortage of ways to leverage extra funds. So how can you access additional cash and turn these goals into reality? Look no further than your home…
Today’s homeowners ages 62 and older account for record amounts of home equity. Tapping into this housing wealth with a Home Equity Conversion Mortgage (HECM) – also known as a reverse mortgage – can provide a powerful financial option to supplement your retirement income.
How does it work?
With a reverse mortgage, you can convert a portion of your home’s equity into cash while continuing to live there and maintain full title and ownership (as long you keep up with property taxes, insurance, and maintenance). Unlike a traditional mortgage where loan repayment begins right away, reverse mortgage funds do not have to be repaid until a maturity event, such as when you sell the home or permanently leave the residence.
Many homeowners appreciate the flexibility of the reverse mortgage loan program – perhaps most notably, the optional monthly mortgage payments.1 And with several options for receiving funds, there are plenty of ways to leverage reverse mortgage proceeds to help improve your income, lifestyle, and monthly cash flow. Over 1.3 million Americans have already made a reverse mortgage part of their financial plan.2 But before you make the decision as to whether or not the program is suited for your unique goals and situation, it’s important to get all the facts, information, and answers to any questions you may have. And perhaps the most important first step is to select a reputable reverse mortgage lender to guide you through the process. To help you compare your options, we’ve compiled some of 2024’s top-reviewed reverse mortgage lenders, based on customer evaluations published on Trustpilot.com.
|Years in Business
|Longbridge Financial, LLC
|American Advisors Group
|Finance of America
|Mutual of Omaha Reverse Mortgage
While all reverse mortgage lenders offer the same Federal Housing Administration (FHA)-insured HECM, not all lenders are equal. Since not all lenders provide the same level of service, it’s important to carefully weigh all your options. A reputable lender will make you feel confident and informed as you weigh the decision to get a reverse mortgage. With some research, you’ll be ready to select the lender that’s the best fit for you. A good place to start is with our article on five things to look for in a reverse mortgage lender.
At Longbridge Financial, we know financial decisions are important ones, and our mission is to transform the reverse mortgage industry through unmatched client service, professionalism, and transparency.
We can help you use your hard-earned home equity to address financial challenges that impact so many American retirees – but we’ll only recommend the reverse mortgage program after we’ve made certain it’s right for you and meets your needs.
We make customer service our highest priority and proudly maintain an A+ rating with the Better Business Bureau. We’re also a proud member of the National Reverse Mortgage Lenders Association (NRMLA) and fully subscribe to its Code of Ethics. Not all lenders can say that.
We’ve helped countless retirees unlock the power of their homes and reshape their financial futures – and we can help you, too. For more information, contact the Longbridge team today.