One Reverse Mortgage Reviews
About One Reverse Mortgage
Reverse mortgages are used to help homeowners, who are at least 62 years of age, convert the equity in their home into cash. There are no income requirements or credit checks necessary to quality for a reverse mortgage.
One Reverse Mortgage, commonly recognized from their TV commercials, strives to help homeowners get the cash they need with a reverse mortgage. More often than not, the cash received from reverse mortgages is solely used to pay off high medical bills and sometimes the money is used simply to alleviate any stress while trying to keep up with expenses. All in all, there are no rules or regulations as to how the money is spent. Three mortgage options are available; HECM Standard Fixed, HECM Standard Adjustable and Saver Adjustable.
To obtain a reverse mortgage with One Reverse Mortgage, an application must be completed. It must show that the home is a primary residence and a fee of $400.00 is required for an appraisal.
An appraisal is necessary to prove sufficient equity in the home’s value. The final step is to have the application and all supporting documents reviewed by underwriters. They will determine if the loan is approved and the amount of money for which it is approved.
Upon approval, the homeowner will need to sign off on all of the pertinent closing documents and decide if they want to receive the money in one lump sum payment, term payments or tenure payments. Finally, mortgage payments are no longer necessary; however, there is still an obligation to pay taxes and insurance on the home.
All reverse mortgages are insured by the federal government. One Reverse Mortgage has a team of licensed professionals who stay up to date on federal and state law requirements. This is important as they must remain in compliance with such laws. Most of these agents can only be reached by phone. If there is an agent who lives in your local area they may be willing to meet face-to-face in order to create a more personal experience.
Repayment of a reverse mortgage loan is due when the homeowner sells the house. If the homeowner passes away before the loan is paid back, the bank then takes the home and sells it in order to cover the outstanding loan.
It is important to calculate the actual amount of money that you will be responsible for paying for a reverse mortgage loan. Customers of One Reverse Mortgage complained that the amount of the cash loan presented was comparatively small after factoring in the front end costs.
Often times, reverse mortgages come with high fees and high interest rates; it is imperative that consumers evaluate whether or not a reverse mortgage is right for them. They should contact different companies and compare each one’s fees with the total cash loan amount. Sometimes it may not be worth it in the end.
1 ‘One Reverse Mortgage’ Review
The statement "There are no income requirements or credit checks necessary to quality for a reverse mortgage" is absolutely untrue! I applied for a reverse mortgage and had to give them approval for all three credit agencies and had to give them all of my income resources before I was approved. It also cost much more that $400 for fees. An unbelievable amount of documentation including bank statements social security award documents etc, etc had to be presented. In no way is it as simple as stated.