One Reverse Mortgage Reviews - What Is It?
DO NOT USE One Reverse Mortgage!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
One Reverse Mortgage is a company that focuses on home equity conversion mortgages, also known as reverse mortgages. This licensed lender was endorsed by actor Henry Winkler. The company promises to help customers use the equity in their home to complete home improvements, consolidate or decrease debt, pay for great expenses, make retirement more comfortable, etc. Today it is owned by Quicken Loans and is licensed in 50 states (it operates in 47). One Reverse Mortgage is one of the largest lenders in the field of reverse mortgage and is approved by the U.S. Department of Housing and Urban Development. It means that they follow strict rules protecting consumers. If you are going to get retired soon, you may need the term reverse mortgage more often.
In case with a normal mortgage, money is given for buying a home, then you will need to repay this money by paying off it each month. Some of this money is applied to interest, while the remainder is applied to your balance. Thus, you will increase your equity in the home and the lender makes money in the transaction. A reverse mortgage works in reverse. Here, homeowners are provided with cash in exchange for the equity in their home. After that, the loan can be paid off to the homeowner on a monthly basis. In this way, lenders pay homeowners with reverse mortgages. However, it would be wrong to think that homeowners would provide a loan to the lender in case of a reverse mortgage. Reverse mortgages are another loan linked to your home's equity.
Customer Reviews - Does One Reverse Mortgage Really Work?
When dealing with One Reverse Mortgage you may have a lot of questions about this company. If this is the case, you are recommended to go to their official website and find their telephone number to contact customer service. The company offers free consultations with their specialists who will kindly and politely explain everything to you. In addition, you may read real users' reviews. In fact, there is a great number of testimonials left online. People share their experience of using the company's services. Let us take a look at what these customers are writing about One Reverse Mortgage.
One man writes that he had been looking for a reliable lender for a while. When they found One Reverse Mortgage they were very happy because the personnel were very professional. The representatives of the company answered all of their questions quickly and without any hesitation. According to this customer, their fees are quite reasonable and competitive with the other lenders available on the market. This may together with his wife did a lot of shopping around and were happy with them. He can recommend this lender to everyone for a few reasons. The first one is their fee cost. The second is that they offer a lot of repayment options. They have a diverse and excellent portfolio and they will gladly help you whenever you need it. The man says that the company representatives gave a very good value for his home and he was very happy with the outcome. This customer recommends not be so skeptical about this company.
One Reverse Mortgage is being owned by industry giant Quicken Loans and has been in business since 2001, thus, it has a lot of user reviews. The Better Business Bureau website gave the company an A+ rating. There are just four closed complaints. One of these complaints referenced continued correspondence from the company, after which the customer asked to cancel the application. Another negative customer review rated the company with only one star because of the difficult and confusing approval process. As a specialist, I can say that the level of hardness is determined by each customer individually. In addition, you can always ask the customer service for help if you need it. So, I don't think that this complaint is worth attention. It is better to take a look at the real user reviews left online.
"I am pleased with my cooperation with OneReverse Mortgage. I am especially happy with the customer service. The personnel are very friendly and apply individual approach to each customer. They do their best to help you with your mortgage to make it quicker and more efficient. Their fees are typical and average when it comes to your payment for their service. The company offers easy and relaxed repayment options. You can choose to repay any time and they will help you to simplify this process. I would easily recommend this high quality company to anyone."
"I was constantly informed on every step of the process by these nice and caring people working at One ReverseMortgage. My questions were answered quickly and professionally. The fees were rather lowest when compared to several comparable lenders. They are more than fair and I didn't have any problems with payments. I also tried several options to find the best way of payments, including selling the home, refinancing, or making the necessary payments when due. This company made my life easier and I feel very grateful to these people."
"I had a very pleasant experience with One Reverse Mortgage, mainly due to its wonderful customer support. I liked their friendly personnel that never made me wait. My representative helped me with the smooth processing and the paperwork. Another thing I liked about the company was reasonable financing fees. I was able to pay it back without any problems, late fees or hidden charges. But if you have any difficulties, you can always contact the customer support and get some help. The repayment is negotiable as they will help you to set payment dates. This will help you to increase your credit score. For me, the reverse mortgage is the easiest way to get cash."
My Final Summary
One Reverse Mortgage has a lot of pros. It allows homeowners to choose to get their loan via a line of credit (this way, you'll be able to use the money as needed) or as a lump sum payment via monthly payments. You will also be able to use the money as you wish. If you don't use the money in your reverse mortgage account, it will grow in value and in future you could end up with more money than your home actually costs. All you will need to do is to way for a few years. When you start spending money from your reverse mortgage loan, it is up to you to decide to make a monthly payment or not when it comes due. If you don't, the interest from that month will be added to your balance. After your entire loan is used, your name will still remain on the title until the time you vacate your home. The full loan balance will come due.
Sometimes, reverse mortgages are called "non-recourse" loans. It means that you will never have to repay more than the value of your home. Despite all the advantages, there are some considerations for you to take into account when dealing with reverse mortgages. For instance, reverse mortgages usually involve higher fees than traditional mortgages. However, most One Reverse Mortgage customers claim that they are quite reasonable. After studying the company thoroughly I can still recommend this lender.
One Reverse Mortgage Pricing and Rates
Your payment can depend on different factors, such as homeowners insurance, your ability to pay property taxes, home maintenance costs, expenses, assets, and income. To learn how much money you could get through the company, you can use their Reverse Calculator online. Closing costs involve a loan origination fee of 2% of the first $200,000 of your home's value plus 1% of the remaining value. For more detail, you can contact a specialist at 800-401-8114.