Money magazine is welcoming the new year with its review “Best Reverse Mortgage Companies of January 2024,” with five companies cited for different strengths that set them apart.
Longbridge Financial was praised as “Best for Low Interest Rates,” with Money highlighting how it “consistently offers some of the lowest interest rates among the companies we reviewed.” Longbridge was also cited for its Longbridge Platinum jumbo reverse mortgage with a maximum borrowing limit of $4 million, although it was also noted that the company’s product line did not “offer a lot of variety.”
On the other hand, Finance of America Reverse was held up as “Best for Product Variety.” Among the products receiving commendation were the proprietary EquityAvail option – which was described as a retirement mortgage the mixed convention and reverse mortgage characteristics – and the Silvernest home-sharing program.
Fairway Independent Mortgage Company was honored as “Best for Homebuyers,” with Money stating that “thanks to its streamlined operations, it can close many in just 17 days” while adding that “for seniors on a tight timeline, the quick funding might just be a game-changer.”
Open Mortgage scored as “Best for Tech-Savvy Borrowers,” with Money pointing out that “you can use the platform to run through various loan scenarios and, after closing, manage your loan, connect with customer service or request funds from your line of credit.”
American Advisors Group took the “Best Customer Service” title, thanks to high customer reviews on Trustpilot (84%) and having 4.7 out of 5 stars on the Better Business Bureau. However, Money also recalled how the “CFPB ordered AAG to pay over $1 million in penalties in 2021 for what the Bureau called ‘deceptive acts aimed at older homeowners.’”
