Why Should I Choose All Reverse Mortgage?
This is a question we get all the time. Borrowers tell us that they have talked to other, larger companies, who have even pulled out HUD stats with a higher number of closed loans versus the number that All Reverse Mortgage has, while citing that because they have closed more loans, the borrower should work with them.
I then ask the borrowers to look at the terms of the loan. Are those larger companies offering a different, better loan, or is it the same FHA-insured, HUD Home Equity Conversion Mortgage (HECM or "Heck-um")? And since it is the same HUD insured loan, are the terms better or are they worse?
More often than not, our competitor's margins are not as good, their life caps are not as low, and their fees are much higher.
The interest rate caps determine how high your rate can go and our loans have 5% over the start rate life caps while many of the larger lenders only offer 10% caps. What this means to the borrower is that when interest rates go up, their rate could go up 5% higher than our loans can, eating up the equity in their home that much faster!
So then I ask them - If the loan is the same loan, the terms are better and the fees are lower, why would you want to pay more to get the same loan from another lender just because they are bigger? All the loans are insured by the federal government, so the size of the lender makes no difference. The federal insurance is the same on all FHA-insured loans. Why would you want to pay more for the same loan (or worse yet, more expensive and with unsatisfactory terms) simply because the lender is bigger?
Finally, when it comes to service, size is not always a good thing. Financial Freedom was the largest reverse mortgage lender for many years, owning over 50% of the market at one point. Wells Fargo Mortgage was the industry's largest reverse mortgage lender for many years as well. Both of these companies are no longer originating reverse mortgage loans and borrowers can do a quick "google" search for reverse mortgage problems with either of their names and the results are numerous.
More people mean that you have more propensity to have less experienced individuals handling the loans. I would also invite borrowers today to do this same search with any prospective companies. All Reverse Mortgage does not come up under a search related to "problems" or "complaints".
The last thing I would like to leave you with is that I have also heard borrowers tell me that other lenders have told them that the pricing they got from us was "too good" or that they didn't think that the program we quoted to the borrower existed because another lender didn't have it.
Aside from the customer testimonials on our website from borrowers who also heard these words and then were delighted when we closed their loan on the terms we disclosed, as a lender, we undergo routine audits from all the states in which we are licensed and files are checked by state auditors to see if we deliver what we say we will.
Because our corporate office is in California, we just finished a very comprehensive audit from the California Department of Business Oversight in which the auditor congratulated us on our operations and made a point of stating that he could find no loan in the more than 60 randomly chosen loans which he audited that we did not deliver to the customer what we promised.
In short, why should you choose All Reverse Mortgage? Because we will give you superior service on the same HUD HECM program at typically lower fees and rates.
We don't believe you should pay for a lender's expensive marketing budget, so we don't have one and therefore we don't have to pass those costs on to you.
If you want to pay thousands of dollars more so you can say you got your reverse mortgage from the company where some celebrity does the commercials, that is certainly your choice. If you think like us, that you should be able to keep that money in your pocket and still get the best terms and service, then that's why you should work with All Reverse Mortgage!
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