One Reverse Mortgage review

What can you tell me about One Reverse Mortgage? Where can I go to learn more about reverse mortgages?

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?

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Bill's Answer
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Bills.com Team
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  • One Reverse Mortgage is a San Diego based company and part of Quicken Loans.
  • One Reverse Mortgage offers private and government-insured reverse mortgages.

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.

Best,

Bill

www.bills.com

3 Comments

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  • 35x35
    Mar, 2010
    Richard
    I looked into a reverse mortgage from One Reverse and decided the front end loading of fees and charges was a bit excessive for the little bit of cash I would get at closing.I told the Mortgage Banker I was no longer interested, but he continued to hound me with calls and voicemails for a week till I threatened to report him to the BBB and Attorney General.
    0 Votes

  • 35x35
    Feb, 2010
    Jack
    I see those One Reverse Mortgage tv ads all over the place. Are they the best reverse mortgage companies or are there better ones? Jack
    0 Votes

  • 35x35
    Feb, 2010
    One
    I looked in to One Reverse Mortgage from your review and decided to finance instead of getting a reverse mortgage, but thanks for the review and the info on one reverse.
    1 Votes