One Reverse Mortgage helps you to pay off your debt, manage the unexpected need for funds by lending funds quickly. You can also find other services like retirement planning, loans through its various products.
One Reverse Mortgage is owned by Quicken Loans which is leading mortgage lender with a solid reputation for its friendly and responsive customer service, quick and smooth services. It is licensed to operate in 50 states in the US and its loans are insured and regulated to give you competitive services in the mortgage. It has wide and huge operations and quality customer service that sets it superior to its competitors.
The costs of services in One Reverse Mortgage are regulated by FHA limits and hence the fees are nominal. You need to understand the charges, Mortgage Insurance Premium, it’s working and process to completely enjoy its benefits.
One Reverse Mortgage offers three types of Home Equity Conversion Mortgage, HCEM which are insured by the Federal Housing Authority, FHA. You can get a customized loan option depending on the type of HCEM product you choose. If you need flexibility in line of credit or monthly payments,
Adjustable-Rate HCEM is suitable for you. The variable rate can change as per existing market conditions. The Fixed Rate HCEM offers lump-sum loan at a fixed rate for repaying debts, repairing your house. The interest rate remains fixed during the entire loan duration. The HCEM for Purchase gives you a loan when you want to relocate or move to smaller homes, this loan type allows you to get credit with the equity in your current home. You can use use the loan to purchase a new property without the need to pay the monthly mortgage payment.
To be eligible for a reverse mortgage, you need to own the home and paid a considerable amount to original mortgage, live in the property, aged above 62 years of old and clear the financial assessment.
Once you are eligible, One Reverse Mortgage team educates yous steps, answers your questions, helps you to apply for Reverse Mortgage. Once your application is reviewed and finalized, you can sign the documents to get the loan. You can reach out One Reverse Mortgage through a phone call, email or submit an online request form in their official website.