Founded in 2001, One Reverse Mortgage is considered one of the largest lenders in the reverse mortgage industry. This is hardly surprising, since its parent company, Quicken Loans, is the second largest retail mortgage lender in the United States. One Reverse Mortgage is licensed in all 50 states, as well as the District of Columbia. However, the company is not currently operating in Rhode Island, Vermont, or West Virginia.
Currently, One Reverse Mortgage has over 150 licensed reverse mortgage specialists. They can provide assistance with any questions you may have about reverse mortgages, as well as provide information on One Reverse Mortgage’s products. As of this writing, One Reverse Mortgage offers three mortgage products: Adjustable Rate HECM, Fixed Rate HECM, and HECM For Purchase. HECM stands for Home Equity Conversion Mortgage, and HECMs are the most common type of reverse mortgages. Adjustable Rate HECMs allow borrowers to receive their funds in a variety of ways, including a lump sum, monthly payments, and/or a line of credit. Fixed Rate HECMs only distribute funds in a lump sum, but the interest rate on the loan is determined at the closing and remains the same for the duration of the loan. And finally, a HECM for Purchase is a loan option that allows eligible borrowers to purchase a new home without having to pay monthly mortgage payments.
Those interested in obtaining a reverse mortgage from One Reverse Mortgage will have to go through the company’s three-step program. The first step is an educational session which will help you learn more about reverse mortgages and determine if you qualify for one. Reverse mortgage counseling is actually required for all HECMs, so any lender you go through will require you to complete it. After the educational step comes the application and review. This is when you’ll undergo a financial assessment, get your house appraised, and if everything goes as planned, have your documents reviewed and finalized. Finally, the last step is the closing of the loan and the disbursement of funds.
A reverse mortgage can be a great way to tap in to your home’s equity while you still live there. Is a reverse mortgage right for you? Learn more about reverse mortgages on RateZip!
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