Editor’s Note: This product has been removed from our side-by-side comparison because it has been discontinued. You can still read our original review below, but Top Ten Reviews is no longer updating this product’s information.

Security 1 Lending is headquartered in San Diego, California, but this reverse mortgage lender is licensed to operate in 40 states and the District of Columbia.

This reverse mortgage lender lets you access your money in one of five ways. As a tenure, you receive a set payment each month as long as you live in the home. With term payments, you set monthly payments for the amount of time you determine. The modified tenure and term-payment systems are lines of credit, either for the life of the loan or the term you set. The fixed reverse mortgage gives you the funds in a single lump sum. No matter what kind of payment system you get, you must pay the loan back when the last homeowner dies, moves out permanently or sells the home.

You can also get a home equity conversion mortgage (HECM) from this lender in order to purchase a new home. According to the website, if your home sells at a loss or if, at the time of your death, the loan balance is greater than the value of the home, your heirs are not responsible for the difference. It does not offer jumbo reverse mortgages, unlike Finance of America Reverse or American Advisors Group.

There is an online calculator that allows you to estimate what you may be eligible for through a reverse mortgage through Security 1 Lending. However, rather than giving you an amount, it prompts you to input contact information so an agent can call you. These kinds of calculators do not give rates or fees, so you would need to talk to an agent for a complete estimate.

HECMs are like home loans in that they incur fees such as appraisals and closing costs. These fees can end up totaling several thousand dollars and are financed into the mortgage, reducing the actual amount you receive.

The website features a helpful FAQs section and a useful breakdown of all the steps involved in acquiring a reverse mortgage. However, you should still do independent research before deciding if this option is right for you.

Security 1 Lending is one of the largest reverse mortgage lenders in the country. It provides reverse mortgages with several ways to receive your money, and can arrange a reverse mortgage for home purchase.

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