I am 65, own my house, and have little cash-flow. I was thinking about a reverse mortgage with One Reverse Mortgage. What can you tell me about the company?
Thanks for the question. We are receiving an increasing number of questions from homeowners seeking information on reverse mortgages.
One Reverse Mortgage, based in San Diego, CA, offers private and government-insured reverse mortgages. A government-insured mortgage is called a Home Equity Conversion Mortgage (HECM). This type of reverse mortgage accounts for nine out of ten reverse mortgages written today. HECM loans are federally insured by the FHA, or the Federal Housing Administration, which sets terms, fees and interest rates for these loans. Private loans are usually written for homes valued at more than $500,000.
One Reverse Mortgage is a member of the National Reverse Mortgage Lenders Association. Rock Holdings purchased One Reverse Mortgage in 2008. Rock Holdings is owned by Quicken Loans, a well-known mortgage company that is headquarted in the Detroit area. A principal owner of Quicken Loans owns the NBA team Cleveland Cavaliers and the Quicken Arena in Cleveland. For more information and for reviews of One Reverse Mortgage, visit the reverse mortgage lender profiles
As homeowners over the age of 62 consider their home financing options, reverse mortgage solutions should be considered, and there are many good companies out there like One Reverse Mortgage, Bank of America, Wells Fargo, Met Life Reverse, Genworth Financial, and Equitable Reverse Mortgage Company.
A consumer should first evaluate if a reverse mortgage is the right solution, and then select the best company for his or her own reverse mortgage. The good news is that Bills.com has a wealth of free reverse mortgage information available online to help you evaluate your options.
I hope this information helps you Find. Learn & Save.