More than 23,000 homeowners have reverse loans last year. But the big banks are mostly in there verse mortgage business, which means if you are shopping for a reverse mortgage, you may be selected among the lenders that you've never heard of.
Here's a look at the four biggest mortgage lender and reverse a few hints on how to choose one.(First, learn about the basics of this loans how does a Reverse Mortgage work and The ratedmortgage:?. A retirement tool)
AMERICAN ADVISORS GROUP
American Advisors Group, based in Orange County, Calif., Has a mortgage home equity conversion(HECM) largest loan volume in 2014 according to Reverse Market Insight, a research firm focused onthe reverse mortgage industry. The HECM is the most popular of the three types of reverse mortgage assets and accounts for 95% of the reverse mortgage in the market today.
AAG is licensed in all 50 States, plus the District of Columbia. His web site that the company has been in business for over 10 years and has a rating of customer satisfaction is 97% based on the company'sown investigation. The company has an A + with the Better Business Bureau (BBB) and 20 complaints in the past three years. It is far from a complaint more than three other reverse mortgage lender that is described in this article, but AAG also closed the last two-and-a-half as many loans as the closestcompetitor. AAG also has many complaints at the ConsumerAffairs, a web-based consumer news andResource Center. While you should online reviews with a grain of salt, not user reviewConsumerAffairs submissions just right, requires users to create an account, and try to filter out thespam and phishing comment. It also gives the company an opportunity to answer the complaint.
AAG in the National Association Folded mortgages (NRMLA). That should mean anything to you?NRMLA has a code of ethics and professional responsibility that its members must sign and agree to abide by when they join or renew their membership. Members are supposed to "interact with consumers in a way have ethics, professional responsibility and lawful." They also have the obligation to describe both the costs and benefits of reverse mortgages for consumers, encouraging them toseek outside professional guidance about whether to get a reverse mortgage and maintain the standards. NRMLA is a well organized political lobbying for the reverse mortgage industry andpolicies to deal with any negative media or incorrectly described the reverse mortgage. So, whilekeeping the members of NRMLA to standards that are supposed to protect consumers, it would alsobe looking out for the best interests of the industry have reverse mortgage (one of which, arguably, isto serve the consumers). Most reverse mortgages are originated by members of NRMLA.
AAG website also provides both video and written testimonials that the AAG national is from AAG. In addition, the company's blog that features "story lends reality." Suppose the following instructionsAAG NRMLA, the testimony was true. Check them out and see if you find them attractive. The site alsoprovides answers to many common questions about reverse mortgages and invite consumers to request a free information kit will be sent to them. (For related reading, see mortgage Pros and consStack.)
