Reverse Mortgage Lenders Direct (RMLD)

RMLD (Reverse Mortgage Lenders Direct) has been operating for over three years with one goal in mind; make it easier for seniors to find the best reverse mortgage loan by using our free comparison service. We are proud to be independently owned and operate with zero debts. This allows us to make long term decisions that benefit seniors using our website to learn more or to compare lenders.

The information provided on this website is unbiased, and it allows for seniors over the age of 62 to quickly learn the facts of the reverse mortgage. It is not all academics here; we take the process of finding you the best quote very seriously, and our entire business is built on the foundation of finding you the best possible offer.

With hundreds of potential lenders, we have our work cutout in managing these relationships to secure you the best programs. By allowing RMLD to comparison shop lenders and find you the best match, you will save time and money. We encourage you to compare your local offering with our nationwide exclusive partnerships. Should you have questions about how a reverse loan works do not hesitate to call us. We do not charge you any money and, or there are no added costs in using our services to consumers.

Seniors considering a reverse mortgage program as an option to utilize the built up home equity should be comfortable with staying in that home for at least five years. Reverse mortgages are not free government money, but if used as intended it can dramatically improve your retirement years. Please note that you are not alone in your search for a better retirement with more than 850,000+ seniors have already taken a home equity conversion mortgage before you. There is no way that all of those seniors are complaining, research shows most are extremely pleased with their decision and wish they had known about this option sooner.

Reverse mortgage basics and facts:

HECM (home equity conversion mortgage) are the technical name for the reverse mortgage loan.

HECM’s are insured by the Federal Housing Administration. These loans make over 95% of the market today. Please note while almost all reverse mortgages are HECM’s, they each can vary drastically in fees and rates among the banks.

To qualify you meet the following requirements:

  • Be 62 years of age or older. If one borrower is under age of 62, it can also be approved.
  • Own a home and live in the home you are trying to get the HECM on.
  • This property needs to have sufficient equity available to pay down any mortgages or to cover your proceeds.
  • Never have been delinquent on any federal debt (student loans or similar gov. debt).
  • Have the money set aside or enough income to cover property taxes, insurance, and regular upkeep.
  • Pass the financial assessment which includes the lender reviewing your credit scores, income, and assets.
  • Partake in a mandatory consumer information call given by an HUD- approved HECM counselor.

FAQ – Frequently Asked Questions

How does it work? The lender will pay the senior to retire in the home. Seniors can use this program to get rid of existing mortgage payments. There are no restrictions on funds released to you and no taxes to be paid on that money.
How do I receive the funds? You can select between a monthly income check for lifetime, a credit line, combination, and or a one-time lump sum.
How does the bank make money? The lender will make money through upfront and ongoing fees.
Who and what needs to be repaid? When the borrowers die, sells the home, or permanently moves out the loan becomes due and payable. The sale of the home should cover the HECM loan. Your heirs are never responsible for your debts.
Will my heirs be able to keep my house? Short answer is yes. It is hard to tell what your home will be worth in X years. Most heirs are selling the homes and keeping the cash.
My spouse in under the age of 62 do we qualify? You may, new rules went into effect on Aug. 4th, 2014 that allow what is a called a nonborrowing spouse to qualify.
How or what determines how much money I can borrow? The calculations for the reverse loan are based on the value of the home, subtracting any outstanding mortgages, it also factors in the age of the youngest borrower, market interest rates and your overall financial health.
What are the fees involved? A reverse mortgage is more expensive than a typical cash out mortgage but cheaper than selling to downsize. Fees are rolled into the loan most of the times, below is a list of fees:

– Application fee
– Insurance
– Origination fee
– Monthly service fee
– Closing costs
– Interest rate

Why Choose RMLD – Reverse Mortgage Lenders Direct?

  • We are not a Bank, Broker or Lender. We are a free comparison service.
  • We are an independent company who’s aim is to find you the best quote.
  • Never pay any fees to get information or to shop around and get HECM quotes.
  • We are members of the NRMLA (National Reverse Mortgage Lenders Association).
  • Our exclusive partnerships translates into discounted closing costs for you.
  • You only need to fill out one simple form to begin.
  • If you have any questions, our call center is here for you.

You are not alone in wanting to learn more about the HECM program, below are how many seniors have a reverse mortgage loan by fiscal year:

FY 2014–40,534
FY 2013–60,091
FY 2012–54,822
FY 2011–73,131
FY 2010–79,106
FY 2009–114,692
FY 2008–112,154
FY 2007–107,558
FY 2006–76,351
FY 2005–43,131
FY 2004–37,829
FY 2003–18,097
FY 2002–13,049
FY 2001–7,781
FY 2000–6,640
FY 1999–7,982
FY 1998–7,896
FY 1997–5,208
FY 1996–3,596
FY 1995–4,165
FY 1994–3,365
FY 1993–1,964
FY 1992–1,019
FY 1991–389
FY 1990–157 loans

Total = 879,708
Source: HUD

I am Considering a Reverse Mortgage In Order To…

Click on any of the following links to learn more about how the HECM reverse mortgage can work for you.

I am interested in getting rid off my existing mortgage payments or at-least reducing what I pay each month.

I am interested in setting up an emergency fund in case my family ever needs it while I am in my retirement. 

I am looking at ways to improve my retirement cash flow and want to increase how long my savings will last. 

I want to buy a home using a HECM loan for purchase.

Early adopters, I am in my sixties considering a reverse mortgage loan.

Intermediate adopters, I am in my seventies considering a reverse mortgage loan.

Late adopters, I am in my eighties considering a reverse mortgage loan. 

I want to learn about the rules of the program – click here. 

What banks offer reverse mortgage programs in 2014.