Lending Tree is not a lender but a broker designed to connect lenders and borrowers. Among one of the many financial products they service are reverse mortgages. Unlike other lenders on our list, Lending Tree is a service that helps borrowers find a lender for them. This may be a good alternative if you are hoping to find a reverse mortgage from a local lender.
Lending Tree's tool allows you to compare varying loan offers. First, you enter information about how the property is being used, its estimated value, the amount remaining on the mortgage as well as relevant personal data. The tool then provides you with several providers and estimates. These potential lenders will follow up with you by phone or email. The estimate provided is very basic and not meant to represent the complete amount you can expect from a reverse mortgage, which may vary due to a number of other factors, so you need to speak with the lenders in order to get the most accurate terms.
Lending Tree's website contains a wealth of resources meant to educate you about the ins and outs of reverse mortgages. The pros and cons section stands out from the information provided by other reverse mortgage lenders. Lending Tree's resources do a good job of spelling out the risks associated with these kinds of loans. Of particular note is that it states that reverse mortgages are for specific economic needs, where many other online reverse mortgage companies tout this loan as the answer to just about any financial situation. Lending Tree also does a good job placing a reverse mortgage in the large context of your retirement and defining what part it can play in your estate planning.
Lending Tree can help you find smaller or more local lenders that may have been drowned out by other lender's larger marketing muscle. This mortgage aggregator enables you to compare many offers at once and see which one meets your needs. One drawback to Lending Tree is that it can only connect you with the lender rather than arrange all the details of the loan. Lending Tree is a valuable resource for comparing what loans are available as well as for learning more about them.