Pros and Cons of 3 Popular Reverse Mortgage Companies in 2021
It can be difficult keeping you head above water after you retire, even if you’re sitting on a hefty nest egg that consists mostly of fiat currency. After all, the dollar’s value has not only been shrinking every year for the past eight decades, hyperinflation caused by massive, unchecked fiat printing and “stimulus packages,” has also diminished purchasing power and will continue to do so for the foreseeable future.
Unless you’ve hedged your savings with something like Bitcoin and other stable crypto currencies that have been known to increase in value by 200 percent on average annually, you might be in need of a quick financial fix, or else find yourself having to sell your family home. This can be a real heartbreaking reality for many retired seniors who love their homes and the many memories it houses.
Enter the reverse mortgage. Engineered for folks 62 and over who’ve owned their home for decades, the loan allows you to tap into your equity which can result in a significant lump sum payment, or monthly payments over time. You never have to pay another mortgage payment again and you don’t need to repay the loan until you either leave the home or the borrower passes away.
If this kind of loan is almost sounding too good to be true, you might naturally be asking yourself, what are the different reverse-mortgage pros and cons? According to a new report, while there’s quite a few reverse mortgage lenders available on the market today, here are three of the most popular, along with some fair and balanced information regarding their pros and cons.
Said to be one of the best overall mortgage refinance businesses operating in 2021,Rocket Mortgage is said to boast an exceptional track record of overall customer satisfaction, web-based customer support, and in-depth digital software. Rocket was chosen as the top mortgage originator in 2020.
Rocket Mortgage’s most popular product, Quicken Loans, has not only outperformed other similar lending programs, it earned the top spot in the 2020 JD U.S Primary Mortgage Origination Satisfaction Study. While the company is primarily an online service, they also employ upwards of 3,000 home loan experts who are said to be available seven days a week to assist you in your loan applications, including reverse loans.
Rocket Mortgage pros include,JD Power best customer support rating, biggest mortgage originator for 2020, online application process is streamlined viaeClosing, and mortgage refinance rates calculator is included on the company website.
Rocket Mortgage cons include zero in-person service.
Fast closing times is a hallmark of Better. Customers are said to get a rate quote and a preapproval letter in literally minutes. They are also said to be able to close loans in as little as two weeks.
Better’s loan programs offer some of the lowest closing costs in the business. Their rates are also low while their mortgage refinance process is said to be straightforward and rather rapid.
It’s because they operate online entirely that Better can afford to forego the fees that brick-and-mortar lenders need to charge, such as origination fees, application, and underwriting. They also offer a price guarantee on their refinancing mortgage products.
Better customers can sign all their documentation online over a secure website. If they so choose, customers can contact a dedicated loan officer directly.
Better Mortgage pros include speedy online process, competitor math pricing, zero loan officer commissions or application fees, and smart tech discounts.
Better Mortgage cons include strictly online service, not available in several states, limited loan type options.
Loan Depot Mortgage
Said to be one of the best mortgage refinance companies for its superior online service, LoanDepot Mortgage is also widely available all across the U.S. Its unique“mellosmartloan” artificial intelligence tool is said to have the capability to verify both asset and employment details. It can also accurately perform credit checks while initiated the appraisal process.
While primarily online-based, LoanDepot makes available “licensed loan consultants” who can assist customers with the right mortgage product for their specific financial situation. When you call direct, LoanDepot lending officers will offer the most current information on mortgage rates which might not be available online in real time.
LoanDepot Mortgage also offers a lifetime guarantee. If you’re a return customer, the company will waive lender fees while reimbursing appraisal fees.
LoanDepot Mortgagepros include being licensed in all 50 states, andmellosmartloan AI digital platform streamlined loan processing.
LoanDepot Mortgage cons include loan rates not being available online in real time.