All Reverse Mortgage Reviews - What Is It?
WARNING: DO NOT USE All Reverse Mortgage Until You Read This Review!
Is it a Scam? Does It Really Work?
All Reverse Mortgage is an online lender who offers reverse mortgages, which are also called home-equity conversion mortgages (HECM). They differ from other reverse-mortgage lenders with government backing, their high-rate customer service, and expertise. The company's original name is United Southwest Mortgage Corporation, who is based in Orange, California. You can reach them at (714) 603-9605. United Southwest was founded in 2004 by Mike Branson who is still the company's CEO. The man has a 30-year experience in the sphere of mortgage business. The company is part of the National Reverse Mortgage Lenders Association, a union of companies working in the field of reverse mortgage.
Is this the right company for you? Let's try to answer that question by taking a closer look as what a reverse mortgage is and what it offers. We are also going to learn what fees they have and what people and experts are saying about them. Once we answer these questions, we will be able to make a decision whether the company is worth your attention. First of all, it is necessary to say that All Reverse Mortgage specializes in FHA-backed home equity conversion mortgages. These loans are insured by HUD, or the Department of Housing and Urban Development. It means that you're covered if All Reverse Mortgage fails to pay up or the amount of your loan and interest exceeds the cost of your home.
Customer Reviews - Does All Reverse Mortgage Really Work?
There are numerous users' reviews on the company online. Most of them seem to be positive, while there are some negative opinions too. People like the fact that the reverse mortgages offered by the company vary in size and fees. So, it is up to you to decide what kind of mortgage to take. Of course, you payout will depend on these factors. Once you are approved for a reverse mortgage, the company gives you a few different ways to get your money. Line of credit means that you can withdraw money from your equity any time. Set payments mean that you get a certain amount of money every month. Lump sum means that all the money comes to you at a time. You will have to pay interest on your reverse mortgage in two possible ways - fixed-rate or variable-rate. In the first case, you will have to pay one interest rate until you pay out your loan. In the second case, the interest rate will change based on the economy. Remember that, interest in a reverse mortgage grows over time, unlike a normal mortgage.
Getting a reverse mortgage presupposes going through several steps. At first, you'll have to talk with your financial professional and family or friends about the decision. Then you'll need to set up an appointment with a HUD counselor and apply for a mortgage. After that you'll need to coordinate an appraisal of your home, set a date to finalize your documents. Finally, you can receive your funds. It is important to understand what you're doing, which is why it is vital to talk with other people about the decision. As it is pointed out by many experts, reverse mortgages are complicated financial products, that is why you'll need to consider a number of factors before you apply for one.
According to All Reverse Mortgage, they have good reviews from their customers and it is really so. The company's Better Business Bureau page has sixty-five reviews, all of which are positive. There are only four complaints. The four complaints concerned spam emails, long time before getting an appraisal, Appraisal was too low and application process was too long. All Reverse Mortgage responded all of these complaints, gibing lengthy explanations. The lack of complaints about the company indicates they provide great customer service. Other mortgage lenders have much more complaints. Most customers were happy with their fees and the treatment they experienced from the company's customer service agents. Let us take a look at the real users' reviews.
"All Reverse Mortgage customer service is wonderful. I am ready to give them 10 out of ten. They are understanding and always helpful. I have never had any difficulties with them. They have fair financing fees, lower than most other companies of the kind. Repayment options can work in different ways. You can choose a payment plan or pay all at once. It is convenient to pay by phone when you are busy. I can get more money and benefit a lot. It is definitely worth to cooperate with this company. I would recommend it to anyone."
"I highly liked All Reverse Mortgage customer service because they are really good specialists. I have never net better customer service than these provide. They have a sliding scale, which is convenient. The financing fees are adjustable from other financing fees. Repayment options are convenient and consistent, compared to others. You are never rushed to receive payment. The staff tries to cooperate with you politely. They do what they advertise. They are also very fair."
"I really enjoyed All Reverse Mortgage customer service. They made me feel the way any client should feel. I immediately understood that I had made the right choice. I would recommend this company to anyone who needs money. I have no complaints about the financing fees too. I was very satisfied with the services they offered to me. I felt free and comfortable because of the low fees. I did not even expect such good service. The repayment options are differed from those of other companies in a positive way. All I can say is, they are worth to work with. Do not be afraid."
My Final Summary
Reverse mortgages usually have higher fees, but the things are quite different when it comes to All Reverse Mortgage. No matter what type of financial situation you have this company is always ready to help you. If you get this type of mortgage you will have steady income to make payments in the next years. Interest builds up over time and you can decrease it if you pay out money faster than expected. However, before you get a reverse mortgage, take your time to look at your financial habits. Are you ready to cut on eating and vacations in order to save money? If yes, then you are ready for such challenge.
It should be pointed out that getting a reverse mortgage from All Reverse Mortgage isn't difficult. It is one of the best lenders you can choose from nowadays. It has its own advantages, for instance, it offers lower fees. They also have well-educated and professional staff. In our opinion, you will be satisfied with their services like hundreds of people who have used these. All Reverse Mortgage is the best lender for your situation. If you need a reverse mortgage, take a few minutes to consult them over the phone. I can recommend this reverse mortgage lender.
All Reverse Mortgage Pricing and Rates
A reverse mortgage is associated with some fees, known as "closing costs". Origination fee should be paid for processing paperwork. It usually does not exceed $6,000. Appraisal fee has to be paid for getting an appraisal for your home. It varies from $300 to $700. Other fees include title insurance, rate lock, underwriting, and others.