Personal finance website Money.com — which has turned some of its attention to the reverse mortgage product category very recently — has made another foray into the space by naming what it describes as “the best reverse mortgage companies of 2022.” However, the tabulation is not simply a straight ranking of value, but ascribes different choices to certain individual strengths.
“If you’re considering one of these loans, there are many reverse mortgage companies to choose from, each with their own pros and cons,” the article reads. “Some have more loan options or lower rates, while others come with better service or cater to different age groups than the typical 62-plus. For these reasons, it’s important to choose your reverse mortgage lender carefully and to make sure you’re picking the right lender for your financial situation.”
A total of six lenders made the cut for the rankings, all of which are firmly and consistently among the top 10 highest-performing reverse mortgage lenders in the country in terms of raw Home Equity Conversion Mortgage (HECM) volume.
The six categories are best product variety; low interest rates; best customer service; best for homebuyers; best for 55-plus borrowers; and best for tech-savvy borrowers, respectively.
- Best Product Variety: Finance of America Reverse (FAR)
- Best for Low Interest Rates: Longbridge Financial
- Best Customer Service: Mutual of Omaha Mortgage
- Best for Homebuyers: Fairway Independent Mortgage Corp.
- Best for 55+ Borrowers: Reverse Mortgage Funding (RMF)
- Best for Tech-savvy Borrowers: Open Mortgage
Independent of the metrics the website used to determine its rankings, interestingly some of these choices broadly conform to what the specific companies have said their major focuses have been in the industry.
For instance, FAR earning the nod for product variety makes sense considering that it is the first reverse mortgage lender to bring a forward/reverse mortgage hybrid product to market, and has spent significant time and effort in building out its portfolio of proprietary reverse mortgages under its “HomeSafe” product line.
In terms of the choice most appealing for homebuyers, Fairway has described recently how a greater emphasis on HECM for Purchase (H4P) loans has helped it to stand apart from some of its competitors especially in the midst of a HECM-to-HECM refinance boom. The choice for 55+ borrowers also makes sense considering that RMF was the first reverse mortgage lender to announce availability for its proprietary “Equity Elite” product for borrowers as young as age 55 in some states.
Open Mortgage has also emphasized its desire to push forward technology-based solutions for the reverse mortgage business in recent years, correlating with its choice as the best lender for tech-savvy borrowers.
Read the article at Money.com.