The LendingTree reverse mortgage site is a marketplace for connecting consumers with multiple offers. LendingTree does not lend, they are only a marketplace. 

Most people apply for the reverse mortgage called a Home equity conversion mortgage (HECM) that is backed by the US government. You can apply here to find out if this will work for you. To learn more about LendingTree Reverse mortgages, please read on.

A reverse mortgage provides people over the age of 62 access to the equity in their home in three ways;

  • A lump sum
  • A line of credit
  • Monthly payments  

Reverse mortgages are regulated by both the U.S. Housing and Urban Development Department (HUD) and the Federal Housing Administration (FHA).  You will be required to attend a reverse mortgage counseling session to ensure that all home owners are aware of the requirements of a reverse mortgage.

Founded in 1996, LendingTree provides loan comparison offers for mortgages, Mortgage refinance, reverse mortgages, auto loans, home equity loans, and home equity line of credit connecting consumers with hundreds of lenders. 

LendingTree provides hundreds of competing reverse mortgage options where borrowers can look at all of the different offers and make an informed decision.

When would you Consider a Reverse Mortage?

  • Over 40% of Americans over 55 years of age do not have retirements savings
  • You require capital to pay off debt or your struggling to pay your mortgage payments
  • Your capital is tied up in your home

Why Would anyone want to do this?

When cash flow is an issue, a reverse mortgage helps people stay in their home. Here are a few other reasons a reverse mortgage helps:

  • You continue to own your home. If you are in a strong real estate market, you will continue to benefit from the increased value of your property
  • Surviving spouses can remain in their homes even if they are not 62 years old
  • All income from your home is tax-free
  • Use the money for whatever you want including travel or paying off debt

 Problems with Reverse Mortgages

We recommend that you figure out how long you plan on staying in the home and make sure it is worth your while to go through the reverse mortgage process. The fees are expensive, so if you are planning to stay in your home for a long time, the cost may be justified.

Problems with reverse mortgages that you need to be aware of:

  • This money is a loan that must be repaid when the house is sold
  • A reverse mortgage carry’s high fees. This can range from loan origination fees and closing costs to mortgage insurance premiums. There could be upfront fees of several thousand dollars
  • If you are doing this to clear off debt, make sure you receive enough to clear your debt
  • Weigh out the cost of all fees
  • There may be better options like a home equity line of credit

 Other Options if a Reverse Mortgage does not work for you:

Terms and Conditions

Loan Amounts Any Equity Amount
Doesn't lend in Arkansas,  Arizona,  Iowa,  Indiana,  Kansas,  Louisiana,  Ohio,  Oklahoma,  Nebraska,  Maine
Loan Term Reverse mortgages are for seniors 62 and older. Terms may be for a set amount of time or for as long as the borrower remains living in the house.
Fees and Closing Costs HECM fees that can be financed (backed by the US Government)
Secured Loans Yes
Direct Deposit Yes
Loan Purpose To withdraw a lump sum, or to receive supplemental income from the equity in your home
Qualifications U.S. Citizen, Home Owner, 62+ yrs of age
Allows Military Yes
Insurance Home Insurance
Legal Documents Required U.S. Citizen
Number of Offers Minimum 5 offers
Customer Service Phone (depends on individual lender)

In Our View

LendingTree is a marketplace for connecting consumers with multiple lenders offering reverse mortgages. Make sure to do the research on reverse mortgages and discuss this with a financial advisor.

Contact

Customer Service 1-800-813-4620

HoursMonday-Thursday

  • 8 a:m: - 9 p:m: EST

 Friday

  • 8 a:m: - 8 p:m: EST

 Saturday

  • 10 a:m: - 7 p:m: EST

Write

LendingTree, LLC

11115 Rushmore Drive

Charlotte, NC

28277 

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