One Reverse Mortgage, the reverse mortgage division of Quicken Loans, provides reverse mortgage loans and lines of credit in 47 states, although it is licensed in all 50. It’s an approved lender of the U.S. Department of Housing and Urban Development.
Online you can find a map that shows you all the licensed One Reverse Mortgage experts in your state. This is a useful tool that can help you find the right person to contact in your area.
One Reverse Mortgage offers three types of reverse mortgage solutions. The first is a fixed-rate Home Equity Conversion Mortgage (or HECM, the official term for a reverse mortgage). This gives you one lump sum after closing and is useful for paying off your mortgage or other financial obligations.
The second is an HECM line of credit that has many options for how the money is disbursed, including monthly payments. This is its most popular type of reverse mortgage. You can schedule it in monthly payments or as a line of credit to take what you need as you need it.
The third reverse mortgage the company offers is HECM for purchase, which instead of transferring your home equity into cash, allows you to borrow in order to buy a new home. This is a useful loan if you're looking to move closer to family or downsize into a home that better fits your needs.
Closing costs and other fees will be financed into the loan, thereby reducing the funds you receive. Furthermore, all fees and rates are estimated and not final until your loan is approved. As with all reverse mortgages, the loan comes due when the last eligible homeowner dies, moves or sells the home.
The One Reverse Mortgage website features testimonials and reviews from customers who report pleasant experiences and express satisfaction with their reverse mortgages. The website also contains a host of resources, such as FAQs and information about counseling, to help you with your reverse mortgage decision. It does skimp on information about some key points, especially repayment and the need for you to continue paying your homeowner's insurance and property taxes.
One Reverse Mortgage is a big player in the reverse mortgage industry. The company offers a variety of loans and information to help you decide whether you want to consider a reverse mortgage.