What are some reverse mortgage lenders?


Quick Answer

Lending Tree and One Reverse Mortgage are two nationally recognized reverse mortgage lenders. In addition, the United States Department of Housing and Urban Development (HUD) provides a search tool for homeowners interested in locating FHA-approved reverse mortgage lenders, which is searchable by state. For example, when searching for California reverse mortgage lenders, the tool returns two FHA-approved lenders: 1st Nationwide Mortgage Corporation and Academy Mortgage Corporation.

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Full Answer

Lending Tree offers reverse mortgages to homeowners who meet the qualifications, notes the Lending Tree website. Qualifications include the youngest homeowner being at least 62 years old and the residence to be mortgaged being a primary residence. The home must be owned, or the homeowner must have equity in the home. Reverse mortgage proceeds are given to the homeowner in a lump sump, and there are no mortgage payments to make, although the homeowner must still pay insurance and taxes on the home.

One Reverse Mortgage offers essentially the same type of reverse mortgage loan, notes the One Reverse Mortgage website. The homeowner receives loan proceeds but remains in the home without making payments. Like LendingTree, One Reverse Mortgage offers free information for homeowners who are interested in reverse mortgages. To receive the information, homeowners can fill out the information request form on the website.

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