One Reverse Mortgage is not just one of the largest lenders helping seniors access the equity in their homes, it is also one of the best. Established in 2001, One Reverse Mortgages has the experience and backing usually required to make any rundown of the best reverse mortgage companies (opens in new tab).
A wider-than-usual array of loans and services is what makes One Reverse Mortgage stand out. Of the four different types of reverse mortgage on offer, its adjustable rate, fixed rate, and “for purchase” options might typically be found elsewhere. However, it is the Home Equity Loan Optimizer (HELO) that is considered the company’s flagship product. Designed to provide a home equity solution for seniors who may not qualify for a Federal Housing Administration (FHA) loan, HELO has higher lending limits, no property restrictions, and no mortgage insurance premium requirement. One Reverse Mortgage is licensed in all 50 states and currently operates in 47 - only those in Rhode Island, West Virginia and Vermont miss out.
One Reverse Mortgage review: Application process
Application process: Over the phone
Fees and interest rates: Revealed during application
Service: Payout calculator, wide range of blog articles, generally good customer reviews
- Clean, simple platform
- Step-by-step guide to applying
One Reverse Mortgage’s website is clean, simple and brighter than most online lending platforms, but is essentially for information and research only. If you want to apply, you will need to call, and there is a promise to ring back within 24 hours if you don’t speak to someone straight away.
Before making contact, you can use the reverse mortgage calculator to get an idea of the size of payout you could get. You only need to supply your home value, mortgage amount, zip code and age to get an immediate estimate - with no in-depth personal information or contact details required, you can look elsewhere, without fear of being chased up later.
What to expect from the reverse mortgage process is laid out step-by-step on the website, and includes an educational session with a licensed specialist, your actual application and a review, and finally the closing of the loan and disbursement of funds. A U.S. Department of Housing and Urban Development (HUD) -approved counseling session is also required to ensure you know exactly what your options are and how a loan works.
One Reverse Mortgage review: Fees and charges
- Information difficult to find
- Need to call for proper indication
For a website that is otherwise easy to navigate, it is relatively difficult to track down information about fees and charges. We eventually found a handful of articles in the Blog section, although with around 150 pages to scroll through, you’re best off using the search function to nail them down.
There is a general article that outlines the various charges you can expect and the percentages and limits that apply, a second that looks in greater depth at closing costs, and a third that considers interest rates and repayments. However, with all last updated in 2017, people might be wary of what they read, and the only way to get a definitive idea of what everything might cost is to call one of their experts. This is not unusual for reverse mortgage companies, but compared with the relative ease with which you can find similar generic information on the Liberty Reverse Mortgage (opens in new tab) website, for example, it is a little off putting.
One Reverse Mortgage review: Service
- Easy-to-navigate, well-stocked resources
- Mainly positive reviews
Besides the hidden fee information, the One Reverse Mortgage website is easy to navigate and well laid out. The different loans are carefully explained, there is the payout calculator and clear FAQs, and the blog itself is extremely well-stocked and varied. Alongside the more typical finance related articles, you will also find quirkier offerings, such as 5 Yoga Poses That Can Benefit Senior Citizens, and Natural Migraine Remedies.
The client reviews section on site points to Trustpilot (opens in new tab), where One Reverse Mortgage enjoys an excellent satisfaction rating of 4.8 out of 5. Things are a little less rosy on Consumer Affairs (opens in new tab), where a rating of around 2.5 out of 5 is accompanied by a warning of aggressive marketing tactics, but this is based on just 19 ratings. The company itself is approved by HUD, and its loan program is insured by the FHA. It also has an A+ rating with the Better Business Bureau and is a member of the National Reverse Mortgage Lenders Association.
Should you use One Reverse Mortgage?
One Reverse Mortgage does the basics well, with an attractive website, plenty of information, and a no obligation calculator to work out what you could potentially borrow. The range of products on offer will appeal too, particularly if you’re unlikely to qualify for an FHA loan.
The reluctance to clearly signpost fee information is out of keeping with the rest of the site, and you will likely enjoy some of the more unusual blog articles while you are searching for it anyway. It might be worth bearing the reference to strong-arm tactics in mind, but overall, the vast majority of customers seem more than happy with how One Reverse Mortgage has treated them.