Reverse Mortgages - Any Specific Company Recommendations?

[scfr]

Has anyone on the forums had, or know someone who has had, a good experience with a reverse mortgage company? (Or an especially negative experience that they are willing to share?)

The purpose of this thread is not to debate the merits of reverse mortgage, and the person wanting one is not me. I am trying to help someone who is going to try to get a reverse mortgage no matter what I or anyone else says, and I'd like to help steer them in the best possible direction. I have done all of the internet searching I can and have 2 companies that I think likely "make the cut" in their situation, but I'd appreciate hearing any 1st hand experience. Thank you.

[disneysteve]

I don't know anyone who has fallen into the reverse mortgage trap thankfully. I'm sorry that your friend is going that route and won't listen to reason.

I can't recommend any particular companies but would encourage this person to first read everything here:https://www.consumerfinance.gov/ask-...rtgage-en-224/

That will at least educate them on things to watch out for to avoid the worst abuses that surround these products.

[Fishindude77]

Tom Selleck seems like a nice guy, go with the outfit he advertises for.

If anyone gets to the point of considering a reverse mortgage it means they have some equity in their home.
Sell the home, pocket as much of that equity as possible, then find yourself some inexpensive living arrangements.

[myrdale]

Sell the home, pocket as much of that equity as possible, then find yourself some inexpensive living arrangements.

My suspicion is most people who would go after these, failed to budget and save during their working life. If you hand them a windfall from the sale of their house, I wonder how long that would last, before they are in the same situation.

That said, there are plenty of savings that come with downsizing the house. Lower utility bills, less taxes, less insurance.

[Fishindude77]

My suspicion is most people who would go after these, failed to budget and save during their working life. If you hand them a windfall from the sale of their house, I wonder how long that would last, before they are in the same situation.

That said, there are plenty of savings that come with downsizing the house. Lower utility bills, less taxes, less insurance.

Good point !
When things get this far along, most would probably be best served going into some sort of income based government assisted housing.

Although if there are a few dollars left after sale of their home people get really weird trying to hang on to those last few dollars rather than turning it over to uncle Sam.

[Saakasports]

I've heard good things about Finance of America Reverse from a family member who used their services. They mentioned that the process was straightforward, and the company was quite transparent about the terms and conditions.