Compare Top Reverse Mortgage Lenders
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Finance of America Reverse
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Prepare for retirement with us! |
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American Advisors Group (AAG)
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Prepare for retirement with us! |
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Liberty Reverse Mortgage
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Provides HECM and HECM for Purchase loans. Properties must meet FHA’s requirements to be eligible. Offers a promise for competitive rates. Loan closings within 60 days and financing for processing and loan fees available. |
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CTC Reverse Mortgages
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Location
1475 Centrepark Blvd., Ste.301
West Palm Beach, FL 33401
(800) 610-3570
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All Reverse
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Location
Serves residents in
West Palm Beach, FL
(800) 565-1722
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Palm Beach Mortgage Group
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Location
5589 Okeechobee Blvd., Ste. #105
West Palm Beach, FL 33417
(561) 475-3685
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How to choose a reverse mortgage lender in West Palm Beach
In West Palm Beach, where over 18 percent of the population is 65 or older and home prices are rising faster than the national average, senior homeowners can supplement their cash flow with reverse mortgages. Reverse mortgages in West Palm Beach allow qualified senior homeowners to tap into equity to receive funds in a variety of ways, often with few restrictions on how the money can be spent.
There are several different types of reverse mortgage loans in West Palm Beach for homeowners to consider. Each is generally repayable once the borrower dies, but may need to be repaid sooner if the home is no longer used as a principal residence or if the borrower fails to meet minimum requirements, like paying taxes or insurance or making repairs.
| Type of reverse mortgage | Insurer | Features | Use of funds |
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| Home Equity Conversion Mortgage (HECM) | U.S. Department of Housing and Urban Development (HUD) | Several options for receiving funds; bigger loan advances at lower total cost | Any purpose |
| Proprietary reverse mortgage | Private company | Loans can exceed HECM limits; funds usually available only as lump sum at closing | Any purpose |
| Single-purpose reverse mortgage | State and local government agency or nonprofit | Least expensive option; most homeowners with low or moderate income can qualify | Single purpose, specified by lender |
By far the most common type of reverse mortgage is a federally-insured Home Equity Conversion Mortgage (HECM). To qualify, you must meet the following requirements:
- Be 62 or older
- Own the property completely or have a considerable amount paid off
- Occupy the property as a primary residence
- Not have any federal debt past due
- Be able to make ongoing payments of property taxes and insurance
- Participate in a federally-approved HECM counseling session
It is important to work with a reverse mortgage lender in West Palm Beach that is transparent, reliable and trustworthy. When shopping for a reverse mortgage, compare origination fees, interest rates, closing costs and servicing fees. If you have a spouse, be sure to ask your lender how he or she will factor into the agreement. Also, ask your lender what happens if you owe more than the value of your home when the loan becomes due. Most agreements are “non-recourse,” meaning you will never owe more than the sales price of the home.
Remember, the funds from a reverse mortgage are usually non-taxable and will not affect your federal benefits. You also have a right to cancel for several business days after closing without penalty.
Reverse Mortgages Reviews
Finance of America Reverse |
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This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in West Palm Beach, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you. |
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American Advisors Group (AAG) |
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This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait. |
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Liberty Reverse Mortgage |
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As one of the country’s largest reverse mortgage providers, Liberty Reverse Mortgage has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Reverse Mortgage representatives. |
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