Free Reverse Mortgage Quotes Compared – Save Time & Money!
Comparison shopping top HUD approved reverse mortgage lenders to receive the best quote – we work hard to save you thousands in closing costs/ fees – with our free service we will compare the HECM quotes then only provide you with the most competitive one.
We are not a lender, not bankers, not brokers – this is great news for you as we have no interest in making you choose any one specific reverse mortgage loan or reverse mortgage bank. We currently have one of the largest network of HECM reverse lenders who will compete (we check their reverse mortgage interest rates,closing costs, location before connecting them to you) and we only allow for the best HECM quote to reach your inbox.
Seniors have trusted Reverse Mortgage Lenders Direct in comparison shopping HECM reverse mortgages – while you could technically spend all day calling up top reverse mortgage lenders (there are way too many in your state for you to manage alone)- we have existing relationships and technology which allow us to get your quote though multiple lenders at a much faster rate ( we now compare up to 10 lenders at the same time – best part is that you wont get bombarded with calls/emails since you will only receive best quote). In some instances we can even offer special’s which cannot be found with other lenders ( no fee reverse mortgage - with current rates low’s and with large yield spreads lenders are being creative in how they structure their loan right now is a great time to consider a reverse mortgage),
Before searching for the best quote let’s make sure you understand the basics of the HECM program including how does a reverse mortgage work.
- must be at least 62 years or older
- own your home
- must be your primary residence ( live there 183 days out of the year )
- must have equity available
- never have defaulted on government debt in the past
- manufactured homes reverse mortgage
- no repayment while in retirement (no monthly mortgage payment is due) – this is the only program where you can borrow equity and not pay a payment.
- no income or credit score requirement to qualify
- flexibility in how you receive your equity (monthly income, credit line, lump sum)
- non recourse loan (protects you from if and when your home is worth less than the amount due – if heirs dont want home the FHA program pays this amount)
- leave house to heirs (any current or future equity can stay in your family)
- then funds you decide to borrow are not taxed
- there are no restrictions on how you spend your money
- select if you want a fixed rate or adjustable rate (interest rates reverse loans)
- this is a mortgage – so interest rates and closing costs apply (there are fees involved in order to get a reverse loan – hence we started a free comparison service to find you the best deal)
- age restriction – this can disqualify anyone who is not over 62 years of age -and if one spouse is of age to qualify but one is not this can cause added risks (since if this borrower passes away the loan would come due/payable in full)
Did you know that there are no credit scores or income requirement for the federally insured reverse mortgage, while private lenders do consider this a factor, there is an advantage to comparing the entire market. Those seniors who use our free comparison service will have the opportunity to secure the lowest reverse rates by receiving multiple reverse mortgage quotes. We automatically compare multiple lenders in order to create demand for you loan, you can rest assured we are working hard to find you the best quote!
We work hard to comparison shop as many lenders as possible in order to review their different interest rates, programs, and in some instances to compare private reverse lenders/investors. We are a leading website for resources for seniors and also to facilitate the quote process saving you both time and money.
FAQ – Frequently Asked Questions about getting the best HECM quotes
1.) How much will it cost me to receive a quote for the HECM reverse mortgage?
Nothing, nada, zero – we can save you time and money by shopping your loan at top reverse mortgage lenders. Did you know that there are some 8000 different lenders/brokers/banks who could do a reverse loan for you? There is no way for you to personally compare them and make a smart decision – that is where we come in and use our team to find you the best HECM deal.
2.) How many quotes will I receive and how can I stop receive these quotes?
You will most likely receive 3-5 quotes both over the phone and through email – you can simply opt-out of receive quotes online – the best method is through email. ***If we clearly see that one lender has the best program than you will only receive 1 quote since it would be a waste of time to even show you the others who were not as competitive – we made this change in early 2012 since when 1 quote is that good it will be the one to show you first.***
3.) How can I best compare the different HECM quotes?
The interest rates and closing costs on the HECM program are the best methods to comparing different quotes by different banks. You also need to familiarize yourself with the 4 HECM types, to make sure you are comparing apples to apples. The APR includes all the fees so this is a easy way to quickly compare quotes – you should also take into factor – how long will it take to close the deal, does this bank/lender have a local presence, how comfortable are you dealing with this sales rep, what other closing fees can you expect and how do they all compare ( appraisal, origination etc).
4.) I am a senior and want the best reverse mortgage quote – can you help?
As, we currently help hundreds of seniors each and everyday in their quest for more information about the reverse mortgage or for a free quote. Those who want to see how much they can receive but not get a quote should just visit our reverse mortgage calculator. We understand what to look for in a lender and speak their lingo (appraisals – HECM – HUD – yields – MIP – points) this way we can quickly help to find you a great deal without you having to get an PHD in finance.